Uber Is Close to Deal to Sell Stake to SoftBank

The ride-hailing startup said that it has reached an agreement for what could be a massive investment from SoftBank the Japanese conglomerate after months of speculation about a possible deal

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

This investment in the ride-hailing company would be done by two prominent investing companies- SoftBank Group and Dragoneer Investment Group.

SoftBank Investment Advisors and SoftBank Group Corp board director, Rajeev Misra emphasised that "by no means is our investment decided".

Uber technologies are now facing a legal battle related to investments and shares between their previous CEO Travis Kalanick and the current shareholder.

A deal would be positive for Uber, which is seeking to turn the page after recent repeated scandals, among them workplace sexual harassment allegations.

A consortium of investors led by SoftBank and Dragoneer reportedly plan to invest $1 billion to $1.25 billion in Uber.

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In a separate statement, Uber said if conditions on share price and minimum shares are not "satisfactory" for the SoftBank group, "there is a possibility" that it may not make an investment. These differences were resolved on Sunday wherein the declaration of welcoming Softbank was announced by the ride-hailing company as part of their investor's group.

"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. He still has a seat on the company's board. These reforms, Bloomberg reports, are key to SoftBank investing in Uber.

Misra noted that Uber and its shareholders had agreed to commence with a tender process and engage with SoftBank after a "long and arduous process of several months".

SoftBank's investment in Uber pressures Uber's main American rival, Lyft, to raise more money to compete on driver incentive deals and lower prices.

It's understood that a consortium led by the two firms is set to build an initial stake worth around $1bn (£764m) before buying further shares from existing shareholders and Uber employees that would bring its holding to around 14%.

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