Assuming the deal goes through, SoftBank has agreed to buy another $1 billion worth of Uber shares at the company's previous $69 billion valuation. That is a roughly 30% discount to its most recent valuation of almost $70 billion.
SoftBank itself will keep a 15 percent stake, while the rest of the consortium will own approximately 3 percent, according to a second person familiar with the matter. The deal will trigger a number of changes in the way the board oversees the company, which is facing with federal criminal investigations, a high-stakes lawsuit and complaints about its workplace culture.
While SoftBank played hardball with Uber, it promised investors it would cover the price difference for them if the final sale price came in over $33 a share, according to a clause in the documents detailing the terms of the agreement.
SoftBank said it planned to close the deal next month.
SoftBank's purchase marks CEO Dara Khosrowshahi's first major deal since taking the reins of the embattled company from Travis Kalanick after a year of repeated public relations debacles and unforced errors. It will also put in motion a slate of governance reforms that were dependent on the deal going through, which will expand the board to 17 and revoke outsize voting power given to early backers.
"We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth, and strengthen our corporate governance", said in Uber spokesperson in a statement.
Benchmark Capital general partner and former Uber board member Bill Gurley Reuters
"The stockholders did the smart thing". The Journalreported at least 20 percent of Uber's shares had been tendered.
The vast majority of that investment comes from SoftBank buying up shares held by existing Uber shareholders, including employees and earlier investors.
An afternoon recap of the day's most important business news, delivered weekdays. Misra said SoftBank had "tremendous confidence in Uber's leadership and employees".
Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported.
SoftBank has previously pumped billions into several ride-hailing companies overseas, including Didi in China, Grab in Southeast Asia and 99 in Brazil. Didi last week raised $4 billion, including some investment from SoftBank.
Uber now has a powerful strategic partner in SoftBank, the Japanese telecom giant that is investing hundreds of billions of dollars in technology.
That's when she allegedly poured red wine on his paintings and ripped them off the wall, then threw his sculptures on the ground. He made headlines the same year for parking a tank outside of his home , causing a brief fight with his homeowner's association.
CNN reached out to the Alabama Secretary of State's office for comment on whether Moore's filing would affect the process. He takes over the seat previously held by Attorney General Jeff Sessions, and his term expires in January 2021.
This is very clear that she forgave Offset because, she accepts when he proposed her by going down on one knee at her concert. But a rep for the Bodak Yellow rapper told TMZ it was all a joke, noting the stars were fully clothed.
The Thomas fire was just one of a series of wildfires that burned in Southern California in December, though it was the largest. Fire officials estimate full containment by January 7, more than a month after the blaze first erupted in Ventura County.
The winning numbers for Wednesday's Powerball for the grand prize of $337 million are 3, 9, 16, 56, 60 and the Powerball is 3. Tickets are $2, and sales time cut-offs vary by state but are usually one to two hours before the drawing.
The Virginia State Board of Elections has delayed a drawing that would have decided the state's House of Delegates race. Simonds and her attorneys are asking to delay drawing the name of the victor tomorrow at 11:00 a.m.
Tension has been rising over North Korea's nuclear and missile programs, which it pursues in defiance of years of U.N. Security Council resolutions, with bellicose rhetoric coming from both Pyongyang and the White House.
Why, then, isn't everyone getting that annual flu shot? People can find a place to get vaccinated at vaccinefinder.org . Overnight, the Center for Disease Control reported 23 states, including the Carolinas, have widespread flu activity.
Use among women between the ages of 18 and 25 almost doubled during that time, from 9.8 percent in 2009 to 19 percent in 2016. Researchers observed a sample of pregnant women in California and saw a 3-percent increase in use form 2009 through 2016.
Kristen Alexander, 26, had been sitting in a parking lot since 4:15 p.m. after arriving home from a trip to Ohio. "It's eerie. Police tried to talk to Anthony Ross, 45, who barricaded himself inside the unit where he used to live, Sgt.
LG&E, KU to aid in Puerto Rico power restoration
Now, more than three months after Hurricane Maria , about half of the island's 3.3 million people are still without power. The crew was sent to Virginia Tuesday, where they'll be loaded onto a barge and transported to the US territory.
Thousands Rush To Prepay Taxes Before New Tax Bill Takes Effect
Which means Congress needs to address this issue in January of 2018. "At least this device will postpone the pain for one year". According to a Monmouth University Poll released December 18, only 26% of Americans approved of the plan, while 47% did not.
Christmas Eve shooting leaves 1 dead and 4 others wounded
All but one of those who survived the shootings had been released from the hospital by Monday morning, WSFA-TV reported . Police said 54-year-old Charles Louis Foster is jailed on one murder count and four counts of attempted murder.
Fans are excited for the Eagles game at home at the Linc
Downing was promoted from quarterbacks coach after former offensive coordinator Bill Musgrave was sacked in January. By the time you're done unwrapping your shiny new Carson Wentz jersey, it'll nearly be time for Sixers-Knicks.