29 December, 2017
The sellers of Uber shares haven't been disclosed, but some Uber employees are rumored to be among those selling, along with investors Benchmark and Menlo Ventures. SoftBank has access to all kinds of technology that could be relevant to Uber's self-driving auto plans via its other investments, and with its help, Uber will be better positioned to expand into Asia. Uber will enact governance reforms that disempower the two warring factions and increase the size of the board to a massive 17 people.
The deal, which includes additional investment, is expected to be closed in early 2018.
SoftBank's investment is a sign of support from an influential investor for new Chief Executive Dara Khosrowshahi.
Uber closed a multibillion dollar deal led by Japanese conglomerate SoftBank on Thursday, allowing some of the company's largest shareholders to divest.
A former employee's charges of endemic sexual harassment led to an internal review, London has said it is stripping Uber of its license and recently Uber announced it had covered up a major hack.
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But for Uber's existing investors and the ego of founder Travis Kalanick, the deal has some very bad news. Nothing malicious has happened partly because Uber paid the hackers $100,000 to destroy the stolen information, CBS News confirmed last month. The deadline for tender offers was 8pm (GMT).
Dragoneer Investment Group and China's Tencent Holdings are also reportedly part of the consortium.
The price offered for the shares valued the firm at $48bn and was a discount to Uber's most recent fundraising round, but for some of the firm's earliest investors could provide a big payoff.
In November, Uber also came clean about its coverup of a year-old hacking attack that stole personal information about more than 57 million of its customers and drivers.