Japanese tech firm SoftBank Group have completed the purchase of their 20 percent stake in ride-hailing giants Uber, according to reports in The Verge .
The purchase was completed based on a $48 billion valuation, around 30 percent lower than Uber's last valuation of around $70 billion. Along with the lower valuation purchase, SoftBank Group also gain two seats on Uber's board of director as the board will be set to grow from eleven seats to seventeen.
The expansion of board members could spell disaster for former CEO Travis Kalanick, who currently controls sixteen percent of voting power, but will now see his influence diluted.
SoftBank's purchase is said to be in the very close region of $8 billion. The majority of the shares will be purchased at the lower valuation, although it will also buy $1 billion worth of shares directly from Uber at the older $70 billion valuation.
SoftBank also has stakes in Uber's major competitors, Didi Chuxing(China), Grab(Souteast Asia) and Ola(India).