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Uber-SoftBank deal 'very likely' to be finalized next week

Uber board member Arianna Huffington predicts the closure of the mega-investment is at hand.


Arianna Huffington discusses Softbank's investment in Uber at the WSJD tech conference in Laguna Beach, California.


SoftBank's billion-dollar investment in Uber is expected to be finalized "very likely within the next week," according to board member Arianna Huffington.

Huffington made that prediction during an onstage interview Monday at the WSJD tech conference in Laguna Beach, California. SoftBank plans to acquire a 14 percent to 20 percent stake in the world's most valuable privately-held tech startup, Huffington said Monday. The deal would include acquisition of shares through a secondary offering from existing shareholders, Huffington said.

"We are waiting at the moment on what is going to transpire with the price," Huffington said Monday. "It's all about the price."

Uber's board voted earlier this month on an overhaul of its company structure that would allow the Japanese conglomerate to make an investment in the ride-hailing startup reportedly in the $1 billion range.

Uber's board approved reforms that include eliminating its super-voting structure, 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 recent additions made by former CEO Travis Kalanick.

The investment also comes as Uber looks to go public in the next two years.

"This is not a marriage, this is a business," Huffington said.

Uber didn't immediately respond to a request for comment.

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