Uber board battle ends, stage set for SoftBank-led $10-bn investment

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 said on Monday it had agreed with a consortium led by SoftBank and Dragoneer Investment Group on a potential investment.

Over the weekend, Uber had confirmed that it has closed an investment deal with Softbank Group and Dragoneer Investment group.

"We are interested in Uber, but the final deal will depend on the tender price and a minimum percentage shareholding for SoftBank", he said in a statement.

Under the agreement on Sunday, a consortium of investors led by SoftBank will buy at least 14 per cent of Uber through a combination of new and existing stock, according to three people briefed on the process, who spoke on condition of anonymity.

Uber Technologies has made a decision to accept the investment proposal led by Japanese tech conglomerate SoftBank to pick up majority stake, bringing months-long negotiations to a close, according to latest news reports.

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

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A spokeswoman for Benchmark did not immediately respond to Reuters' request for comment, while a spokesman for Kalanick declined to comment.

Uber will reportedly enact corporate governance changes that its board approved last month.

Then Kalanick threw a wrench in the deal, insisting that Benchmark put a hold on its lawsuit against him before he would approve it.

The latter filed a lawsuit against Mr 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.

A deal could indeed be positive for Uber which is looking ahead to the future in the wake of recent scandals, among them workplace harassment allegations. In addition to his own seat, Kalanick controls two more, which are occupied by Ursula Burns, the former Xerox Corp CEO, and former Merrill Lynch & CO Inc CEO John Thain.

Kohli had joined Uber India in September a year ago and was responsible for the company's relations with policymakers, regulators, government officials, industry bodies and others.

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