SoftBank tender for Uber stake succeeds

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Uber investors and employees tendered shares equal to about 20 percent of the company, the Journal reported, citing unnamed sources.

Uber's legal tangles include a lawsuit by Alphabet Inc.'s self-driving vehicle unit Waymo that alleges trade-secrets theft and federal investigations that span possible bribery of foreign officials in Asian countries and the use of software to evade regulators.

The completion of the deal is the first significant achievement for Uber's new CEO Dara Khosrowshahi, who took over in August after an ugly year at the company defined by sexual harassment and discrimination allegations, executive misbehavior, lawsuits, and plenty of finger-pointing within the company's board room.

The deal, which includes additional investment, is expected to be closed in early 2018.

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"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", said in Uber spokesperson in a statement. SoftBank, which is heavily invested in other ride-hailing companies around the globe, could help Uber strike more partnership deals, especially in Asia.

The moves come as Uber concludes a hard year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges. The size of the board will expand from 11 to 17, which dilutes the power Kalanick wields. The deadline for tender offers was 8pm (GMT). However, major Uber investors were reportedly kept "largely in the dark" during the negotiations about whether or not they will have an opportunity to offload shares.

The deal nevertheless sharply discounts Uber's value, which previous year was estimated at nearly $70 billion. Earlier reports have indicated that Dragoneer Investment Group and existing Uber backer General Atlantic may be among the interested parties.

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