Uber Technologies Inc.'s warring board members have struck a peace deal which allows a multibillion-dollar investment by SoftBank Group Corp. to proceed, resolving a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.
Venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and Kalanick have reached an agreement over the terms of the SoftBank investment, which could be worth up to $10 billion, according to two people familiar with the matter.
The Uber board first agreed more than a month ago to bring in SoftBank as an investor and board member, but negotiations have been slowed by ongoing fighting between Benchmark and Kalanick. The agreement struck Sunday removed the final obstacle, allowing SoftBank to proceed with an offer to buy stock.