SoftBank could still walk away from Uber

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SoftBank would also be investing $1 billion directly in Uber as an extension of the last Series G round, at its last private valuation of almost $70 billion.

A deal would be positive for Uber, which is looking ahead to the future in the wake of recent repeated scandals, among them workplace sexual harassment allegations.

CNBC reports that a SoftBank-led consortium of investors seeks to buy $1 billion worth of fresh stock in Uber at its current valuation of about $68.5 billion, and that the ride-hailing company was close to being ready on Sunday to finalize the deal.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it said. "We are interested in Uber but the final deal will depend on the tender price and a minimum percentage shareholding for SoftBank".

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".


SoftBank did not immediately respond to a request for comment.

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. Benchmark agreed to suspend a lawsuit against Kalanick and drop it once SoftBank gets through a one-month tender offer period that will start in about two weeks.

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

In October, Uber's board made sweeping reforms within the company proposed by new Uber CEO Khosrowshahi and Goldman Sachs, which set the SoftBank deal and the 2019 IPO plans in motion.

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