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.

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. Dara Khosrowshahi, the former CEO of Expedia, took Kalanick's place in August after a lengthy search. SoftBank will occupy two seats on the company's board and will now be an extremely influential player in decisions at Uber. Uber lost $1.46 billion in the third quarter this year, up from $1.06 billion in the previous quarter.

The development suggests many investors in Uber are now prepared to cash out, with SoftBank's offer being beneficial to anyone who backed the company in a period between 2010 and 2013. Earlier reports have indicated that Dragoneer Investment Group and existing Uber backer General Atlantic may be among the interested parties.


SoftBank offered $33 per Uber share.

SoftBank is also investing $1.25 billion in new capital in Uber at its most recent $70 billion valuation.

Rajeev Misra, CEO of SoftBank Investment Advisers, said the firm was "appreciative of the support from Uber's shareholders in the successful tender offer". However some Uber investors were concerned the price SoftBank was offering was too low, according to Recode. Most notably, the board of directors will be expanded from 11 seats to 17, up three of which are set to go to the Japanese telecommunications giant.


Softbank has made a series of high-profile tech investments and shown an appetite for investments in ride-sharing, backing China's Didi Chuxing and Southeast Asian taxi-hailing app Grab, among other companies.

The Uber investment comes after a year of troubles for the company, including a lawsuit by Alphabet Inc's self-driving auto 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.


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