Softbank set to buy $10 billion stake of Uber

Can ousted CEO Travis Kalanick live in peace with his rivals

Uber said Sunday that it agreed to move forward on a proposed investment from SoftBank Group. By no means is our investment decided.

Crucially, Softbank expects to buy up others' Uber shares at a lower price than it will pay for its direct investment.

The Japanese group, founded by billionaire Masayoshi Son, expressed an interest several months ago in investing around $1 billion in Uber for a stake of at least 14 percent.

Uber needs as much cash as it can get its hands on until it goes public, and having a deep-pocketed investor like SoftBank helps in a big way.

Uber Technologies Inc. confirmed the investment in a statement Sunday without giving details. This is what we were provided with.

A spokesperson gave a statement to TechCrunch, "We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment".

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"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it said.

Uber argued that once in the bag, the investment would help fuel its development in the tech sector and its continued expansion at home and overseas, "while strengthening our corporate governance".

Uber now is valued at $68.5 billion, but stock offers will be based on a lower valuation, so it's unknown just how much the multibillion-dollar deal will be worth, said the person, who spoke on condition of anonymity because details were not released.

This can bring stability to the world's most valuable startup (valued at almost $70 billion) after the downfall of its founder Travis Kalanick who resigned as CEO in June after allegations of sexual harassment, gender discrimination, and a toxic work environment.

Ride-sharing company Uber announced a deal to sell a stake to Japan's SoftBank as the firm looked to turn a new page ahead of its planned IPO in 2019.

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