Last month, Uber disclosed that it had covered up a security breach that had compromised the personal data of 57 million rider and driver accounts, and SoftBank was able to talk down the price of its investment.
The investment is poised to trigger several major organizational changes at Uber that were contingent on securing SoftBank's funding.
While SoftBank played hardball with Uber, it promised investors it would cover the price difference for them if the final sale price came in over $33 a share, according to a clause in the documents detailing the terms of the agreement.
The shake-up was supported by Uber's new chief executive Dara Khosrowshahi, who has said he hopes to list Uber's shares publicly in 2019. The tender offer period concluded on Thursday.
The Journal further reports that SoftBank will receive two seats on Uber's board of directors. Employees and investors allegedly tendered shares representing 20% of the company. The bid placed a 30 percent discount on Uber compared to its 2014 valuation of $68.5 billion which made it the world's most valuable startup, with SoftBank also agreeing to inject $1 billion into the company at its old valuation in an attempt to avoid a scenario in which the firm is severely devalued as a result of the move.
As part of the deal, Uber's board will expand from 11 members to 17 members.
According to the Wall Street Journal, a Japanese investor group is now buying up a large stake of Uber - and getting it at a sharp discount, too. Its Softbank Vision Fund is a almost $100 billion investment fund snapping up stakes in emerging technology companies around the world, with roughly half the money targeted for investments in the U.S.