Uber peace deal paves way for SoftBank's $10bn investment

SoftBank is insisting it could walk away from an Uber deal

Ride-hailing giant Uber Technologies Inc.is close to finalizing a multibillion-dollar investment by Japanese technology conglomerate Softbank, a person briefed on the deal said.

In the deal reached Sunday, the reports said, SoftBank would buy $1 billion in new stock valued at Uber's current valuation of $68.5 billion, but the majority of the stake purchase will come from the Softbank consortium buying current Uber shares from investors to reach the 14 percent mark. The deal is a vote of confidence in the company's potential and "will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance", the statement said.

The long-awaited investment was announced in October but was delayed by a corporate governance and legal dispute between investor Benchmark Capital and ousted CEO Travis Kalanick.

The two parties have now reached an agreement on control of board seats, which included Benchmark putting its lawsuit on hold, while Kalanick will allow directors to vote on his future appointments to the three seats he oversees, the Wall Street Journal reported citing anonymous sources.

As part of the deal, Benchmark, an early Uber investor which has a seat on the board, would suspend a lawsuit against Kalanick, and drop it once the tender offer is completed. Recode hears the deal depends on Uber shareholders offering enough stock for sale (SoftBank might have to pay extra otherwise), but it's clear both sides are at least willing to bet that this will happen.

But it was threatened by conflict between Kalanick and USA venture capital firm Benchmark. But there will likely be some wrangling over how much shares are worth in the coming weeks.

Related News:

  • John Kelly: I don't follow Trump's tweets

    John Kelly: I don't follow Trump's tweets

    Asked whether he considers it important to raise human rights issues with foreign leaders, Trump said, "I do". That said, Kelly admitted he is not unaware of the content of the formerly 140-character statements.
    Global Shopping Festival Key Highlights

    Global Shopping Festival Key Highlights

    Alibaba said that its Cloud business processed 325,000 orders per second at the peak during the first hour. The top-selling worldwide brands were Apple, Estee Lauder, Gap, L'Oreal, Nike, Samsung, Uniqlo and Zara.
    Jaguars' Lambo beats the Chargers 20-17 in OT

    Jaguars' Lambo beats the Chargers 20-17 in OT

    Two late interceptions came on pressure from Bortles, or phantom pressure from the flash of #99 out of the corner of his eye. Leonard Fournette ran for 33 yards on 17 carries and failed to score for the first time in his rookie season.
  • Baby Bean: Rowan Atkinson to become a dad for the third time

    Baby Bean: Rowan Atkinson to become a dad for the third time

    Pregnant Louise was seen shopping in North London last week.sporting one of bungling Mr Bean's proudest bumps so far. Rowan already has two grown-up children, Ben, 23, and daughter Lily, 21, from his marriage to Sunetra Sastry .
    Kate Middleton, Prince Charles attend the Royal Festival of Remembrance

    Kate Middleton, Prince Charles attend the Royal Festival of Remembrance

    The annual event, which was held at the Royal Albert Hall, commemorates all those who have lost their lives in conflicts. A very elegant Kate Middleton, who is pregnant with her third child, wore a dress of black velvet.

    Some iPhone X displays experiencing a green bar issue

    On top of this, other iPhone X users have found that the screen suffers with a green line appearing at the side of the display. Some iPhone X users are complaining about a couple of issues related to its Samsung-manufactured AMOLED display.
  • Western Digital Corporation (NASDAQ:WDC) Rating Reiterated by KeyCorp

    In other news, EVP Srinivasan Sivaram sold 3,098 shares of the firm's stock in a transaction on Wednesday, August 16th. The data storage provider reported $3.56 EPS for the quarter, topping the consensus estimate of $3.01 by $0.55.

    Horizon Investment Services Raised Celgene (CELG) Stake; MARINUS PHARMACEUTICALS Has 0.54 Sentiment

    The biopharmaceutical company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.04. It improved, as 62 investors sold AAPL shares while 1068 reduced holdings. 112 funds opened positions while 612 raised stakes.
    ASEAN, HK econ ministers sign trade, investment deals

    ASEAN, HK econ ministers sign trade, investment deals

    Total foreign direct investment flows from Hong Kong to Asean jumped 141 per cent from 2015 to US$9.9 billion previous year . Approved investments from Hong Kong and China, meanwhile, amounted to $10.74 million as of the first semester.
  • Manchester United ready to sell Luke Shaw

    Manchester United ready to sell Luke Shaw

    That may be surprising for some of the fans especially since we signed Victor Lindelof from Benfica in the summer. He has been a key player at the Nou Camp following his £21m switch from Lyon in 2016.
    Gov Wike Escapes Assassination As SARS Attack His Convoy

    Gov Wike Escapes Assassination As SARS Attack His Convoy

    Governor of Rivers State, Chief Nyesom Wike yesterday being Saturday, November 11, 2017 in Port Harcourt , Rivers State. While Wike had claimed that he was attacked, Amaechi alleged that he was nearly killed by the governors security aides.
    Spice Girls Are Set To Reform In 2018 - With All FIVE Returning

    Spice Girls Are Set To Reform In 2018 - With All FIVE Returning

    However speaking on ITV's The Nightly Show, Mel C said that a Spice Girls reunion would have to involve all five members. The pop legends will also be reportedly working with former boss Simon Fuller on the reunion.

Most liked

Texans WR Will Fuller leaves game early
Ellington's 26-yard touchdown reception with 6:31 remaining in the second quarter gave Houston a 7-6 lead at the time. On 3rd-and-4 at the Rams' 26-yard line, Savage went over the middle to Ellington, who he hit in stride.

Martellus Bennett expected to make Patriots debut Sunday, report says
His shoulder issue reappeared last Tuesday after Bennett floated the idea of retirement during the bye week. The designation accompanying his waiver - failure to disclose medical condition - suggested that it will.

TPP trade deal talks move forward despite Canada wobble
In particular, they pointed to a need for stronger protections for Canadian culture, supply management and intellectual property. It was to have been sealed in Vietnam last night, but instead it's been left in limbo by Canada's prime minister Justin Trudeau.

Eaton Corporation, PLC (ETN) Stock Rating Reaffirmed by Stifel Nicolaus
The stock of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) earned "Buy" rating by Argus Research on Tuesday, August 4. Pennsylvania holds 0.18% of its portfolio in Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) for 46,106 shares.

Actors shouldn't join politics only because they are popular: Prakash Raj
While he is right in a way, it not a general truth, as there numerous examples of film actors making good leaders. His statement comes at a time when there is huge speculation over several actors' political ambitions.

Eminem and Skylar Grey perform 'Walk On Water' at MTV EMAs
Shawn Mendes was the big victor Sunday at the MTV EMAs in London, scooping the best song and best artist awards. Grime star Stormzy brought the hometown vibes, arriving in a police auto and performing "Big for Your Boots".

Kylie Jenner & Travis Scott Might Be Engaged!
But it appears Kylie is making room for an extra addition - she has snapped up a plot of land next to her California home. Fans flocked to Instagram to leave comments on the post, and they started to speculate whether Kylie is engaged.

Westpac Banking Corp Sells 2605 Shares of Alliance Data Systems Corporation (ADS)
Atlantic Securities initiated Alliance Data Systems Corporation (NYSE:ADS) on Wednesday, October 5 with "Overweight" rating. The stock of Alliance Data Systems Corporation (NYSE:ADS) earned "Buy" rating by Guggenheim on Thursday, November 17.

Intrust Bank NA Trims Position in Schlumberger NV (SLB)
Harding Loevner Lp stated it has 3.9% of its portfolio in Schlumberger Limited. (NYSE:SLB) for 10,188 shares. (NYSE:SLB). The Community Financial Services Group Llc holds 61,954 shares with $4.08M value, up from 37,054 last quarter.

Questionable fumble call negates Bears touchdown against Packers
He took it 23 yards to the end zone, but it was ruled that he didn't score. If he didn't, Packers coach Mike McCarthy would've been wise to do so.

The Weeknd 'dating Justin Bieber's ex Yovanna Ventura' after Selena Gomez split
Since they have reunited, Justin now keeps every promise he makes and is doing everything he says he is going to do. Following that, the pair was also spotted together leaving the Hyde nightclub in West Hollywood, the next day.

Cristiano Ronaldo welcomes Fourth Child
Ronaldo has said he doesn't want to stop here though, hoping to have seven children in total, because seven is his lucky number . The 32-year-old forward was present at the birth, as was son Cristiano Jnr, with a picture shared on Instagram.

NYC livery cab driver hit with hockey stick before death
Identification of the livery driver is pending family notification, according to the NYPD. The Medical Examiner would determine whether the beating or the crash killed the driver.

5 takeaways from the Bills loss to the Saints
Rookie wide receiver Zay Jones will also be watching from the sidelines after suffering an injury against NY . Bad day for Ty: The Saints almost had more points than quarterback Tyrod Taylor had passing yards.

Keurig and other companies pull ads from Hannity following Roy Moore interview
Keurig, along with Realtor.com, 23andMe, and ELOQUII responded by saying they would no longer run ads during the show. Make our day, ' wrote another. 'Looks like my wife is switching from a Nestle machine to a @Keurig for Christmas.