Uber to proceed with SoftBank deal

Bloomberg

Uber Technologies Inc. will move forward with a major investment deal from SoftBank Group Corp. and approved a slate of governance reforms that will limit the influence of co-founder Travis Kalanick and early backers.
The 11-person board voted unanimously to approve sweeping changes to the company’s power structure, the San Francisco-based company said. The plan would expand the size of the board to 17 seats, people familiar with the matter said. The unusually large board would accommodate two spots for SoftBank representatives and more independent voices. The SoftBank deal isn’t yet finalised, but board approval represents a major step.
SoftBank will invest $1 billion to $1.25 billion in Uber at last year’s valuation of about $70 billion, said the people, who asked not to be identified because the details are private. The Japanese technology conglomerate will spend billions more, alongside Dragoneer Investment Group and General Atlantic, on stock from shareholders to acquire roughly 14 percent to 17 percent of the ride-hailing company. Uber said that it expects to finalise the SoftBank deal “in the coming weeks.”