Uber and Softbank have reportedly cut a deal that allows the Japanese fund acquire 15 percent of the ride-hailing giant at a deep discount.
A separate statement from Rajeev Misra, chief executive of SoftBank Investment Advisers, said, "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". And in a maneuver to prop up Uber's value, SoftBank will also purchase up to $1.25 billion worth of new shares at the existing valuation of $67.5 billion.
Uber will use the investment "to support our technology investments, fuel our growth, and strengthen our corporate governance", a spokesperson, who declined to be named, said. It also paves the way for an overhaul of the company after a turbulent year, complete with criminal probes, a lawsuit over trade secrets allegedly stolen from Google's self-driving vehicle division and internal investigations into its toxic company culture. The investor group, which includes SoftBank, Dragoneer Investment Group, TPG, Tencent Holdings Ltd., and Sequoia Capital, also will put at least another $1 billion directly into the San Francisco-based business at a higher valuation of $69 billion, according to the person, who asked not to be named because the transaction isn't yet complete. 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.
Weather: Brutal cold to last into next week
In Sussex County, the highest temperature for the rest of the week will be 34 degrees Saturday and the lowest 17 on Sunday night. As you shiver in your auto before the heat kicks in, you might think this is the coldest it's ever been, but you would be wrong.
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. SoftBank will occupy two seats on the company's board and will now be an extremely influential player in decisions at Uber.
Dara Khosrowshahi has been a champion of SoftBank's proposal since taking over as chief executive officer in September. Uber's board also adopted a new voting system that will further lessen Kalanick's influence.
In June, Kalanick was forced to step down, although he remains on the board and is still one of the largest stakeholders.
Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported. But SoftBank CEO Masayoshi Son had repeatedly teased the possibility - some might say threat - of investing in Lyft instead, including as recently as last month.
Saif Ali Khan and Kareena Kapoor Khan 's stylish outing at the Mumbai airport last night gave major relationship goals once again. Here is a picture of his three uncles, Armaan and Aadar Jain, and Ranbir fawning over him.
His daughter became an activist after his death, even appearing in a campaign ad for then-presidential candidate Bernie Sanders. In 2015, Garner's estate was reportedly paid $5.9 million after they filed a claim for "damages related to his death".
This was substantial because with her win the Virginia House of Delegates would be at a 50/50 political party split. Republicans said the unknown voter had selected every other Republican on the ballot and meant to vote for Yancey.
The sanctions also order the repatriation of North Korean workers sent overseas to earn much-needed revenue for Kim's regime. Ri is described as a key official involved in the North's intercontinental ballistic missile (ICBM) development program.
Reviled by Palestinians, it is considered one of the most significant documents leading to the creation of the state of Israel. Under construction for years, the high-speed rail line is set to open between Tel Aviv and Jerusalem this spring.
Clearly, she forgave him, as later that month, she accepted his proposal when he got down on one knee at her concert. Many have speculated this is the reason why Cardi took to Instagram in October to announce she was single.
Last year, sound problems plagued Carey's performance , beginning with her take on the New Year's Eve classic "Auld Lang Syne". On Jan. 3, Carey told Entertainment Weekly that she was "mortified" over the technical failure.
The tax warrant has gone to local tax collectors and people interested in prepayment will need to do so at the local level. And she says that only applies to property taxes because the new law doesn't allow people to pre-pay income taxes.
Penelec, Horomanski's provider, later confirmed that an error had been made after the family contacted the utility company. Or, if you're Mary Horomanski, you could pay for one month's worth of electricity.
She became the first royal fiancée to spend the holiday at Sandringham with the queen before marrying into the family. According to UK Daily Mail , Harry and Meghan were spending Christmas with William and Kate.
No Winners In $337M Powerball Jackpot Drawing
The Mega Millions jackpot begins at $40 million and develops by at least $5 million for every draw each time the jackpot rolls. This is the largest Powerball jackpot since Chicopee resident Mavis Wanczyk brought home $758.7 million jackpot in August.
Statistics Show Sharp Increase in Flu Activity
In short, prevention is always better than cure; the best defense against the flu is to get an annual flu shot. (Lawrenceburg, Ind.) - Add Indiana and Kentucky to the list of states with widespread flu activity.
Pot-smoking on the rise among United States pregnant women
The women were treated at Kaiser Permanente facilities that had screening for marijuana use as part of standard prenatal care. The legalization of marijuana may have contributed to the increase in use found by the study, KABC reported .
Shoppers Take to the Mall to Spend Their Christmas Cash
Local resident Kayla McCain said, "I'm pretty easy to please". "So, I came to exchange things and get what I really wanted". DVDs, software and other electronic items can not be returned once they're opened. "Not too crowded.
Liverpool back up to fourth after thrashing Swansea at Anfield
Subs: Tammy Abraham (for McBurnie, 62) 6, Sam Clucas (for Mesa, 65) 5, Renato Sanches (for Fer, 78), 5. 4-0, min. 66, Firmino . From here on in it was a case of how many more Liverpool would get, rather than whether they would win the game or not.
OnePlus 5 to get 5T's 'Face Unlock' feature
According to OnePlus, the new OxygenOS 5.0 build comes with a host of new features, including the new Android Oreo upgrade. A lot of phone companies would decide that they're restricting the newest features to the newest phone, and that's that.
Florida plane crash in dense fog kills five on Christmas Eve
The Republican ran for state representative in 2014, but lost in the primary to Colleen Burton, who still holds the office. Both graduated from Clemson University, and Victoria Shannon earned a master's in education from Johns Hopkins University.
Steelers rout Texans to clinch playoff bye
The NFL's 16th-ranked rush offense ran for 176 on Monday while Yates was just seven of 16 for 83 and turned the ball over twice. It's been a roller coaster season for the Texans , but Hopkins has been a consistent bright spot with his sensational play.