That price valued the app-based taxi company at around $48 billion, which was about 30% less than the $69 billion valuation it had after its most recent funding round.
A number of corporate reforms are tied to the deal's completion. The closing of the deal will also mark the end of the company's supervoting share structure, moving the company to a "one share, one vote" system that further weakens the influence of early executives and shareholders. With this tender offer, Khosrowshahi was able convince some of the company's early powerbrokers, including venture capital firm Benchmark Capital, to whittle down their stakes in the company to bring on what he believes will be a stabilizing force in SoftBank.
Uber is eyeing an initial public offering in 2019, and is looking to pare its losses under the leadership of Chief Executive Dara Khosrowshahi, who took the job in August, and chief operating officer Barney Harford, who starts next month. Uber is losing more than $1bn each quarter and a new cash infusion is critical.
We are appreciative of the support from Uber's shareholders in the successful tender offer and look forward to closing the overall investment in January.
You can read the full Wall Street Journal story here.
SoftBank founder Masayoshi Son has taken a keen interest in ride-hailing companies around the world
As part of the deal, Kalanick agreed that he can not fill the three board seats he controls in the future without majority approval by the board. "The price is less important than locking in the governance changes and securing the support of the world's most powerful technology investor".
A spokesperson for Kalanick did not return a request for comment.
The Uber investment comes after a year of troubles for the company, including a lawsuit by Alphabet Inc's self-driving auto unit Waymo that alleges trade-secrets theft and federal investigations that span possible bribery of foreign officials in Asian countries and the use of software to evade regulators. In an earlier report in August, the paper said Uber was losing roughly $9,000 a auto, 18 times more than previously believed.
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