SoftBank: Considering Uber but "no final agreement" yet

Uber confirms it's reached agreement with SoftBank for potential multi-billion dollar investment

Uber confirms it's reached agreement with SoftBank for potential multi-billion dollar investment

"We've entered into an agreement with the consortium led by SoftBank and Dragoneer [of San Francisco] on a potential investment, a statement from Uber said".

The move was unveiled shortly after reports emerged that its former CEO Travis Kalanick and an influential investor had buried the hatchet, paving the ways for the acquisition. The agreement will not only give SoftBank a major stake in Uber - it is looking to buy up at least 14 per cent of the company - but it will help put a rest to one of the many ongoing battles for new CEO Dara Khosrowshahi. This investment in the ride-hailing company would be done by two prominent investing companies- SoftBank Group and Dragoneer Investment Group.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it added.

Uber has also approved several governance reforms such as restricting Travis' role in Uber, increasing the size of the board to 17 to make space for two new independent directors and also making voting rights equal to all different share classes. Finally, this week, Benchmark relented after Uber's new chief executive officer Dara Khosrowshahi and other board members urged the firm to do so, according to Bloomberg citing sources. With so many scandals, issues and controversies, Uber need this investment.

"The deal also goes hand in hand with agreements to restructure Uber's corporate governance in a bid to draw a line under the disastrous 2017 that Uber has had", Mr Windsor said. Kalanick appointed them in September without first consulting with the board.

SoftBank may not invest if conditions on share price and a minimum of shares are not satisfactory for the SoftBank Group side.

The deal gives early investors such as Benchmark, whose Uber stake is worth almost $9 billion, the opportunity to cash out a very lucrative investment.

Since that meeting, SoftBank, Uber and Uber's early investors have haggled over deal terms.

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