Uber secures multibillion dollar funding deal from SoftBank

SoftBank to buy chunk of Uber

Uber to sell stake to Softbank for $10bn

The same consortium also plans to purchase $9 billion in Uber shares from employees and shareholders. Now, the company has confirmed that Uber has sealed a multibillion dollar investment round from Japan.

"We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment", Matt Kallman, an Uber spokesman e-mailed Ars in a statement on Sunday.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it said.

The Financial Times added that Softbank could walk away if other investors declined to sell the $9bn worth of shares, amounting to a 14 per cent stake in Uber, that the Japanese firm is seeking.

But over the weekend London Mayor Sadiq Khan recognised that Uber had apologised for mistakes and appeared ready to change after Transport for London refused to renew its licence in September, saying that it was not a fit and proper private vehicle hire operator.

The move also clears the way for Uber to go public among the most valuable tech firms in the world. Under the deal, the initial public offering will take place before the end of 2019.

Benchmark brought legal action in an attempt to rid the board of his influence, but both sides have agreed to the Softbank sale. Kalanick is agreeing to give Uber's board majority approval over the board seats he controls should he ever need to fill them again, the people said. 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. Venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and Kalanick have reached an agreement over terms of the SoftBank investment.

It is sending tremors through the tech world with a its massive new Vision Fund - a venture capital fund with $100 billion coffers intended for start-ups and expected to dominate the industry so thoroughly it's playfully referred to as a "gorilla".

According to Bloomberg, the deal could still fall through if there aren't enough interested sellers.

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