Softbank set to buy $10 billion stake of Uber

Softbank set to buy $10 billion stake of Uber

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.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential". "Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

Cash-flinging Japanese tech firm Softbank will sink up to ten billion dollars into Uber, following a vote of approval by the taxi app's board.

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

But over the weekend London Mayor Sadiq Khan recognised that Uber had apologised for mistakes and appeared ready to change after Transport for London refused to renew its licence in September, saying that it was not a fit and proper private auto hire operator. Benchmark, an early Uber investor that has a seat on the board, could not be reached for comment.

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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 latter filed a lawsuit against Kalanick, accusing him of fraud, breach of contract and of plotting to manipulate the board of directors to allow him to return as CEO following his resignation in June.

Although Kalanick quit as Uber chief exec, he remains on the board, having previously created the seat he now occupies. Son has spearheaded the new round of investment in Uber.

According to Bloomberg, the deal could still fall through if there aren't enough interested sellers.

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