Uber on Sunday approved SoftBank's offer to invest billions in the ride-hailing company, Bloomberg reported. The Japanese conglomerate will lead a consortium of investors to buy at least 14 percent of Uber. SoftBank reportedly plans to buy about $1 billion of fresh Uber stock at the ride-hailing service's current valuation of about $68.5 billion, and purchase about $9 billion worth of existing shares from current Uber shareholders.
The deal is expected to pave the way for sweeping governance changes at Uber, which has shaken up its leadership following complaints about sexual harassment and a toxic corporate culture, and a move to take the company public by 2019.