AP Source: Uber nears deal for huge Softbank investment

DETROIT

DETROIT (AP) — A person briefed on the deal says Uber is close to finalizing a multibillion-dollar investment by Japan’s Softbank.

The investment by the technology conglomerate could be announced Sunday, says the person, who didn’t want to be identified because it hasn’t been finalized.

The person says former Uber CEO Travis Kalanick (KAL-uh-nick) and investor Benchmark Capital reached agreement on Kalanick’s future board appointments, clearing the way for the investment. A board majority would have to approve any appointments by Kalanick, who controls three seats.

Benchmark would drop a lawsuit against Kalanick if the Softbank deal goes through.

Softbank would buy $1 billion in new stock and buy shares from investors and employees worth up to 14 percent of the ride-hailing company. At present Uber is valued at $68.5 billion.

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