Uber said it finally reached a deal with SoftBank

SoftBank is insisting it could walk away from an Uber deal

After months of talks, Uber finally struck a deal with Japan's SoftBank about a massive investment in the ride-sharing giant. "We are interested in Uber but the final deal will depend on the tender price and a minimum percentage shareholding for SoftBank".

Softbank is expected to invest at least $1 billion (£0.76m) in Uber and buy $9 million worth of shares from existing stakeholders.

SoftBank would also be investing $1 billion directly in Uber as an extension of the last Series G round, at its last private valuation of almost $70 billion.

It seems like years, but in fact, it was only a few months ago that we saw Travis Kalanick ousted as CEO of his own company.

SoftBank declined to comment and referred back to Uber's statement. This is what we were provided with.

The deal, which sources tell Bloomberg was reached on Saturday, was reportedly the result of weeks-long negotiations between SoftBank and Uber.

According to Bloomberg, SoftBank, along with Dragoneer Investment Group and General Atlantic, will directly invest $1 billion into Uber at a almost $70 billion valuation.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", Uber said in a statement. "Upon closing, it will help fuel our investments in technology and our continued expansion at home and overseas, while strengthening our corporate governance", said an Uber spokesman.

In return, Mr Kalanick, who refused to approve Softbank's investment until Benchmark dropped their legal challenge against him, will grant Uber's board majority approval should he want to replace the board seats he controls.

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