As CNNMoney has previously reported, this latter investment was contingent on SoftBank getting enough Uber insiders to sell for it to gain a stake of at least 14%. The closing of the deal will also mark the end of the company's supervoting share structure, moving the company to a "one share, one vote" system that further weakens the influence of early executives and shareholders. SoftBank and the rest of consortium, which includes Dragoneer Investment Group, will own about 17.5%, including a secondary share purchase from earlier investors and employees, as well as $1.25bn of fresh funding. The deal will trigger a number of changes in the way the board oversees the company, which is dealing with federal criminal probes, a high-stakes lawsuit and an overhaul of its workplace culture. Uber is losing more than $1bn each quarter and a new cash infusion is critical.
The Wall Street Journal, which first reported the deal with Fair yesterday, said the net book value of Xchange Leasing's over 30,000 vehicles was roughly $400 million.
Bitter cold ahead for much of northern US
Erie County Executive Kathy Dahlkempe issued a temporary disaster emergency declaration that mobilized resources to help the area. A statement from the NWS warns snow may continue through Wednesday, with accumulations up to another six inches.
We are appreciative of the support from Uber's shareholders in the successful tender offer and look forward to closing the overall investment in January. Dara Khosrowshahi, a former travel industry executive, became Uber's new C.E.O. in August, and said his top priority was ending the public fights between board members and Mr. Kalanick, who had been trying to retain some control over the company he helped found.
A spokesperson for Kalanick did not return a request for comment. SoftBank will appoint Vision Fund head Rajeev Misra to the board, along with others associated with the massive fund, according to the report. We have tremendous confidence in Uber's leadership and employees and are excited to support Uber as it continues to reinvent how people and goods are transported around the world. In a recent board agreement, Uber's directors said they expected the company to begin the IPO process by 2019.
Khloé Kardashian Reveals How Close She Is to Giving Birth
Khloe Kardashian has no time for unsolicited advice from trolls on Twitter . I simply had to trust in Him and be patient. Khloe replied: 'I'll be 6 months next week'.
Over the past year, a former employee's charges of endemic sexual harassment led to an internal review, London said it is stripping Uber of its license and Uber revealed it had covered up a major hack.
Is Arizona's flu season historically bad this year?
The Indiana State Department of Health reports that flu activity is minimal, with only 2 reported deaths caused by Influeza. Of course, there's always room for simple, yet effective prevention practices for the entire workforce.
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