Uber clears way for huge Softbank investment

LEAVING TOWN? Uber had their licence taken off them last month

Benchmark General Partner Bill Gurley, who was replaced by a colleague on Uber´s board in June, said by email, "It was a good day for Uber, a good day for Uber's employees, and good day for Uber's new CEO". Is it so that the Uber IPO is one step closer now after this development?

"SoftBank´s interest is an incredible vote of confidence in Uber´s business and long-term potential", the board said in statement.

Uber has stripped power from its founder and former CEO, Travis Kalanick, part of an ongoing struggle to move past a scandal-plagued mess at the company. He could cover the way for greater changes in global operations of Uber.

The deal could be subject to a lawsuit and is contingent on the multi-billion dollar investment by Japan´s SoftBank Group Corp closing in the coming weeks.

The Uber board also voted to increase its number of seats from 11 to 17, with two of them to be assigned to Softbank, according to the reports.

Softbank has agreed to make an initial investment of between $1 billion and $1.25 billion in Uber, buying new shares to maintain the company's $69 billion valuation, the person familiar with the board's decision said.

A consortium including Softbank will reportedly invest $1 billion to $1.25 billion in Uber and also purchase some 14 to 17 percent of the company's outstanding shares from existing shareholders. More significantly, the board concurred to strip the rights of "super voting" of some investors that were holding multiple votes per share. This person also said that by 2019 Uber will go public that's something which the Uber CEO gave a slight hint of in August.

Uber will also adopt a policy of one share, one vote, the people said.

This investment by SoftBank is more than just money deal-It's a conveyance of moving Kalanick away.

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