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Uber deal gives Softbank a stake and eases board tensions

13 November 2017

Taxi-hailing company Uber has said it's struck a deal that may eventually lead to a massive investment in the company by a consortium led by Japanese conglomerate SoftBank and Dragoneer of San Francisco.

The group led by SoftBank and Dragoneer Investment Group is also planning to invest a much larger amount by buying up to $9 billion in Uber shares. Sources are of the matter says that Uber has purchased shares worth $1 billion at a last private valuation of around $70 billion.

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

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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". "Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

Back in August, Benchmark, which holds about 13 percent of the company's stock sued former CEO Travis Kalanick in August 2017, accusing him of "gross mismanagement and misconduct" during his tenure at chief executive.

SoftBank did not immediately respond to a request for comment. Uber investor Benchmark agreed to drop its fraud lawsuit against Kalanick if the Softbank deal goes through. In return, Kalanick will allow board directors to vote on his selected board appointees in the future, according to the Wall Street Journal.

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According to Fortune, Kalanick, who still controls three board seats, including his own. Son has spearheaded the new round of investment in Uber.

Ride-sharing company Uber announced a deal to sell a stake to Japan's SoftBank as the firm looked to turn a new page ahead of its planned IPO in 2019.

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Uber deal gives Softbank a stake and eases board tensions