The Japanese tech and telecoms firm has become a prolific investor in ride sharing firms such as China's Didi and India's Ola as it works to achieve SoftBank founder Masayoshi Son's vision of a future driven by artificial intelligence and interconnected devices.
However, Uber has already said and shown strong interest in driverless cars, prompting much anguish among the many human taxi drivers who either now use Uber to generate business or may lose out to driverless taxis of the future. However the deal is subject to caveats and conditions, the latter revealed on Tuesday.
SoftBank Investment Advisors and SoftBank Group Corp board director, Rajeev Misra emphasised that "by no means is our investment decided". "It is wholly possible", he reportedly said.
The statement added that it has entered into a potential investment deal and that it will use the funds to fuel its investments in technology, expansion in the USA and overseas, and will allow Uber to strengthen its corporate governance. However this deal may not go through.
Currently Uber is valued at $68 billion.
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Discussions between Softbank and Uber will now revolve around proposed price at which the former will buy stock and number of shares to be purchased.
The deal between the two companies was reached after months of conflict on Uber's board.
Uber board agreed to bring in SoftBank as an investor and board member, but negotiations had been slowed by ongoing fight between Benchmark and Kalanick, the Reuters report added.
"It's good that SoftBank is always positive towards investing in fast-growing companies".
Uber now competes with Ola that together hold 90% of the ride hailing market.