A consortium of investors led by Japanese telecommunications
giant SoftBank Group is investing at least $8 billion to acquire an
approximately 15 percent stake in Uber, according to multiple reports. Uber's
shareholders have approved the deal, which values the company at about $48
billion, and expect to close it in January, according to the BBC. The deal also
expands Uber's board from 11 to 17, including two for the SoftBank consortium.
That reduces the power of former
CEO Travis Kalanick, who resigned in June but retained his seat on the
board.