2018.01.1822:06:00UTC+00Uber Finalizes Investment deal with SoftBank

A consortium of investors led by SoftBank Group Corp. closed an agreement with Uber Technologies Inc, making the Japanese conglomerate the biggest stakeholder in the ride-services company and giving a much needed boost to the controversy-laden Uber.

The deal covers a big purchase of shares from current Uber investors and employees at a discounted rate for the company of $48 billion, marking a 30 percent decline from Uber's recent market valuation of $68 billion. The secondary stock sales will be finished by the end of the day Thursday on the Nasdaq Private Market, according to an Uber spokesman.

The consortium will hold a 17.5 percent stake in the firm.

The investor group co-led by SoftBank and Dragoneer Investment Group has also finished a $1.25 billion investment of new chas at the other, higher valuation, the spokesman added.

The formal closing of the agreement marks the conclusion of a months-long process filled with disputes among board members. Under the terms of the deal, Uber will increase the number of its board members from 11 to 17 members including four independent directors, reduce some of the early shareholders' voting power and weaken the control of CEO Travis Kalanick, who will remain on the board.