Uber's massive, multi-billion dollar deal with SoftBank has officially closed — and the Japanese company now controls 15% of Uber

pulse

January 18, 2018 8:07 PM

Travis Kalanick could make as much as $1.4 billion following the close of Uber's deal with SoftBank.

SoftBank's big deal with Uber has closed: The firm now owns about 15% of shares in the ride-sharing company, purchased at a 30% discount.
SoftBank will also invest $1.25 billion into Uber directly.
Former Uber CEO Travis Kalanick is said to be making $1.4 billion off this deal, with influential Uber investor Benchmark making as much as $900 million.

Uber's massive, multi-pronged deal with SoftBank has officially closed, ending a contentious process that will make the Japanese conglomerate the largest single shareholder in Uber and usher in sweeping changes to Uber's governance.

SoftBank has acquired a 15% stake in Uber, through a combination of direct investment in the ride-hailing company and through buying the shares of existing Uber shareholder, Uber confirmed on Thursday, weeks after announcing that the transaction was underway.

SoftBank's investment will spur Uber to overhaul its corporate governance. Those reforms include removing Kalanick's super-voting rights on the board, increasing the company's board size to 17, and adding new independent directors to the board. Those reforms go into effect immediately, says the company.

"This is a great outcome for our shareholders, employees and customers, strengthening Uber's governance as we double down on our technology investments and continue to bring our services to more people in more places around the world," says an Uber spokesperson.

“Uber has a very bright future under its new leadership. It is now part of a wider SoftBank network ranging from Sprint to WeWork. I look forward to SoftBank helping Uber become an even bigger global success," says the company in its statement.

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