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Uber board approves proposed SoftBank investment

Uber’s board of directors unanimously voted today to approve a proposed investment by SoftBank. The deal isn’t finalized just yet, so it’s not clear how much money SoftBank will invest in Uber. As TechCrunch previously reported, the amount could be between $8 million and $10 million.

“Today, after welcoming its new directors Ursula Burns and John Thain, the Board voted unanimously to move forward with the proposed investment by SoftBank and with governance changes that would strengthen its independence and ensure equality among all shareholders,” the board said in a statement to TechCrunch. “SoftBank’s interest is an incredible vote of confidence in Uber’s business and long-term potential, and we look forward to finalizing the investment in the coming weeks.”

Last week, Uber appointed Burns and Thain to the board, even though SoftBank reportedly wanted those seats. The board of directors also voted to remove super-voting rights from some shareholders, Axios reports. What the board of directors reportedly did not approve, however, was making changes that would formally prevent former Uber CEO Travis Kalanick from returning into a position of power.


Featured Image: Photo by studioEAST/Getty Images/Getty Images

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