As part of the deal, expected to close early next year, Uber will offer potential drivers in the United States access to Fair to lease a auto, the Journal reported.
Lucky for Uber, the company will still retain its title of "most valuable startup", as second place goes to WeWork, which is now valued at $31 billion. Uber is losing more than US$1 billion each quarter, and a new cash infusion is critical.
The deal will reportedly also install six new directors to Uber (two of them from SoftBank), and all of the company's investors will see increased voting rights.
The price offered for the shares valued the firm at $48bn and was a discount to Uber's most recent fundraising round, but for some of the firm's earliest investors could provide a big payoff. 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. Softbank will limit its stake to 15 percent, valuing Uber at a 30 percent discount of its most recent valuation of almost $70 billion.
SoftBank required a minimum threshold of a 14% stake of the company to proceed with the deal.
"We look forward to working with the purchasers to close the overall transaction", the Uber spokesperson said.
Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported. 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. Didi last week raised US$4 billion, including some investment from SoftBank.
Over the past year, a former employee's charges of endemic sexual harassment led to an internal review, the mayor of London said he would strip Uber of its licence and Uber revealed it had covered up a major hack.
Uber hasn't had a great year.