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Uber reaches deal to sell significant stake to SoftBank

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NATION-NOW     Uber nears deal for huge Soft Bank investment     
       Uber nears deal for huge Soft Bank investment

The Softbank Group said that it may withdraw from investing in Uber if conditions on share price and a minimum of shares are not satisfactory.

The statement came after Uber said it had entered an agreement with a consortium led by SoftBank and investment group Dragoneer on what it termed a "potential investment".

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.

Discussions between Softbank and Uber will now revolve around proposed price at which the former will buy stock and number of shares to be purchased.

Uber's board already approved a slate of governance reforms that restrict Kalanick's role at the ride-hailing company, including equalising the voting power of different share classes and increasing the size of the board to 17 to allow for new independent directors. During that process, a price will be set for the existing Uber shares.

But the Japanese firm voiced caution, saying: "While the SoftBank Group side is considering an investment in Uber, there is no final agreement at this stage. Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance".

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But the deal was threatened by conflict between Mr Kalanick and United States venture capital firm Benchmark.

The Benchmark-Kalanick lawsuit is almost dead, but this isn't a clear victory for Uber's ex-CEO.

Shweta's resignation comes almost a month after Uber's European policy chief quit to join the join electric vehicle charging network company Chargepoint.

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. Benchmark, an early Uber investor that has a seat on the board, could not be reached for comment. 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.

SoftBank was estimated to invest close to $10 billion.

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