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SoftBank's tender offer for Uber resulted in a resounding success and has convinced stakeholders to offer to sell as much as 20 percent of the ride-hailing service provider, The Wall Street Journal reported Thursday, citing people with knowledge of the development.

SoftBank is also investing $1.25 billion in new capital in Uber at its most recent $70 billion valuation. SoftBank is said to be limiting its purchase to 15pc, with other investors to buy the additional shares.

"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.

Benchmark, in return, agreed to put on hold its lawsuit against Kalanick over his control of the three board seats, with plans to drop the case if and when the SoftBank deal closes. On Thursday it said that existing investors had agreed to sell enough shares for SoftBank to go through with the transaction.

Uber is eyeing an initial public offering in 2019, and is looking to pare its losses under the leadership of Chief Executive Dara Khosrowshahi, who took the job in August, and chief operating officer Barney Harford, who starts next month. However, the Journal reports that SoftBank will limit its stake to 15%.

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The investor group is also buying about $1.25bn worth of new shares at a price that values the firm at nearly $70bn, a significantly higher price that is similar to what Uber shares fetched in its last fundraising round.

Rajeev Misra, CEO of SoftBank Investment Advisers, said the firm was "appreciative of the support from Uber's shareholders in the successful tender offer".

The deal will allow SoftBank to invest a significant amount of its "Vision Fund", a $100 billion fund earmarked for technology-focused companies around the world.

As part of the deal, Uber's board will expand from 11 members to 17 members. The company still faces numerous legal challenges, including a massive trade secrets lawsuit with Alphabet's self-driving vehicle unit Waymo and multiple government investigations into potentially illegal business practices.


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