Uber has struck a deal with Japanese tech giant Softbank for a multi-billion dollar investment into the ride-sharing firm, according to overnight reports.
Troubled board members have set aside their differences to agree an accord with a consortium led by Softbank and Dragoneer Investment to buy up to 17 per cent of the firm’s shares for $1bn (£760m).
Sources told Reuters that subsequent investments from the parties could ultimately top $10bn.
Benchmark, a venture capital firm that made an early investment into Uber, has been in a disagreement with former Uber chief executive Travis Kalanick.
The Uber board first agreed to bring in Softbank more than a month ago. But finalising terms has been scuppered by the falling out between Benchmark and Kalanick.
“We’ve entered into an agreement with a consortium led by Softbank and Dragoneer on a potential investment,” an Uber spokesperson said.
“We believe this agreement is a strong vote of confidence in Uber’s long-term potential.”
Separate sources told Reuters new Uber boss Dara Khosrowshahi helped to broker the deal by mediating between Benchmark, which has a seat on the Uber board, and Kalanick.