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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.

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