Ride-hailing technology firm Uber is to benefit from a major new investment with Japanese bank Softbank set to complete a deal to become Uber’s largest shareholder.
Softbank is leading a consortium of investors that will spend up to $9 billion for a 15 per cent shareholding in the US-based firm.
The deal is due to be completed next month when the Softbank consortium will take two seats on Uber’s expanded board.
Uber said in a statement: “We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth and strengthen our corporate governance.”
The taxi technology firm has been through a stormy 2017 with former Expedia CEO Dara Khosrowshahi taking over as Uber’s boss in August following the departure of founder and former CEO Travis Kalanick.
Uber is also fighting to be able to continue operating in London following the decision by Transport for London not to renew Uber’s licence in September.
Uber is currently appealing this decision and has been able to continue operating in the UK capital during this interim period.