Uber Technologies completed its deal with SoftBank Group, making the Japanese conglomerate the largest shareholder.
Uber shareholders sold about $8 billion to a group of investors led by SoftBank. SoftBank also invested $1.25 billion directly into Uber at a valuation of about $70 billion, the same as 2016.
As part of th edeal, Uber will create additional board seats, expanding the total to 17 . SoftBank intends to name one of its executives, Rajeev Misra, as well as Sprint Chief Executive Officer Marcelo Claure to the board.
The SoftBank investment is a victory for Uber's new CEO, Dara Khosrowshahi, who took over in September.