SoftBank to buy chunk of Uber

SoftBank to buy chunk of Uber

SoftBank to buy chunk of Uber

Uber Technologies Inc's board members have come to an agreement which will allow a multibillion-dollar investment by Japan-based SoftBank Group Corp to proceed.

The Softbank-led consortium's investment in Uber could be worth up to $10 billion, Reuters reported, citing two unnamed people familiar with the matter.

Uber has entered an agreement with a consortium led by SoftBank and Dragoneer for a potential investment.

In a statement, Uber said that the deal is a vote of confidence in the company's potential and "will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

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Uber argued that once in the bag, the investment would help fuel its development in the tech sector and its continued expansion at home and overseas, "while strengthening our corporate governance".

China's Tencent is also reportedly interested in buying a stake in Uber.

It is expected to purchase more share from other shareholders as well as from employees, as it plans to acquire 14% share of the cab-hailing company.

The deal may also help to get former Uber chief exec Travis Kalanick out of a hole. Benchmark has also agreed to immediately suspend its lawsuit against Kalanick, which it filed in August.

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According to Fortune, Kalanick, who still controls three board seats, including his own.

Softbank is a major Japanese conglomerate which has made a habit of investing in tech firms in Silicon Valley, with the likes of Slack and WeWork already on the receiving end of major investments from the company, which also bought United Kingdom chipmaker ARM Holdings.

Benchmark agreed to drop the lawsuit in return for Kalanick's board power being diluted but its co-operation depends on the Softbank investment going through.

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