Softbank shareholders give Uber deal the green light

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Uber is to receive an investment from a Softbank-led consortium (Source: Getty)

A consortium led by Japan's Softbank has agreed to buy a 17 per cent stake in Uber, after shareholders approved the purchase.

A deal between the ride-hailing app and the Softbank-fronted group was first floated around two months ago, and yesterday, Softbank investors gave it the green light.

The transaction values Uber at approximately $48bn (£36bn). Sources said the deal, including a  $1.25bn primary investment, will close in early 2018.

"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," Uber said.

The group is currently in the process of appealing a decision not to renew its London operating licence. Transport for London said in September that it had found "Uber London Limited is not fit and proper to hold a private hire operator licence".

Tags: SoftBank Uber