The transaction with a consortium led by Japanese giant SoftBank Group is expected to net Kalanick about $1.4 billion, the news agency reported. Uber reportedly said in December it would sell up to a 20 percent stake in its company to the consortium.
Kalanick, who owns about 10 percent of the San Francisco-based startup, had previously offered to sell half of his stake to the group but pared back the offer in accordance with an agreement struck last year between Uber and the consortium, Bloomberg reported.
Kalanick, who was well known industry-wide for his aggressive practices growing the ride-hailing startup, was ousted in June amid dozens of scandals, includingand a . Kalanick , appointing two new board members in September without consulting Uber or the rest of the board.
To facilitate a deal with SoftBank, Uber's board, in which early shareholders had 10 times the voting power, to a one vote per share model, according to a source familiar with the vote. The board also voted to expand the number of board members to 17, adding six seats to dilute additions made by Kalanick.
Uber declined to comment, and Kalanick couldn't immediately be reached for comment.
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