Uber said it finally reached a deal with SoftBank

SoftBank to invest $10 billion in Uber

Uber had said funds from SoftBank, subject to the closure of the deal, would help the US-based startup fuel investments in technology and expansion in its home market as well as other countries.

In the deal reached on Sunday, the reports said SoftBank will buy $1 billion in new stock valued at Uber's current valuation of $68.5 billion, but the Softbank consortium will build the majority of its stake in Uber by purchasing current Uber shares from investors to reach the 14 percent mark.

SoftBank will review the number of shares and share price before investing in Uber.

In a separate statement, Uber said if conditions on share price and minimum shares are not "satisfactory" for the SoftBank group, "there is a possibility" that it may not make an investment.

Uber is now valued at $68 billion.

Misra noted that Uber and its shareholders had agreed to commence with a tender process and engage with SoftBank after a "long and arduous process of several months".

Responding to a query from The News Minute, Uber confirmed her resignation.

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A deal could indeed be positive for Uber which is looking ahead to the future in the wake of recent scandals, among them workplace harassment allegations.

Interestingly, it has started talks with SoftBank for a potential investment that reports suggest could be worth as much as United States dollars 10 billion.

Currently Uber's largest shareholder is USA venture capital firm Benchmark with a 13 percent stake and founder Travis Kalanick who has a 10 percent stake.

On the successful completion of the SoftBank investment, Benchmark would drop the lawsuit entirely. In addition to his own seat, Kalanick controls two more, which are occupied by Ursula Burns, the former Xerox Corp CEO, and former Merrill Lynch & CO Inc CEO John Thain.

Uber plans to run newspaper ads informing investors about the share purchase, and SoftBank will propose a price at which it will buy stock.

The deal gives early investors such as Benchmark, whose Uber stake is worth almost $9 billion, the opportunity to cash out a very lucrative investment. The company has threatened to invest in ride-hailing rival Lyft if it does not get the Uber deal done.

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