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Uber completes sale of $9.3 billion in stock to SoftBank-led group

Uber completes sale of $9.3 billion in stock to SoftBank-led group

Uber Technologies Inc. completed its deal with SoftBank Group Corp., triggering a slate of governance reforms at the ride-hailing company.

Uber shareholders sold about $8 billion of stock at a discounted price to a group of investors led by SoftBank, making the Japanese conglomerate the largest shareholder. SoftBank also invested $1.25 billion directly into Uber at a valuation of about $70 billion, the same as 2016. The blended valuation is about $54 billion, said a person familiar with the matter.

The deal puts into effect changes to the San Francisco company’s board and stock that were contingent on the transaction going through.

Uber will create additional board...

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