Uber is set to receive a billion-dollar investment from SoftBank, Associated Press (AP) has confirmed, with the Japanese conglomerate looking to increase its stake in the ride-booking service thereafter.
According to AP, the deal will see Uber publicly list before 2020, and has seen the suspension of a lawsuit by investor Benchmark Capital Partners.
Filed in August, the suit alleged Uber's former CEO and co-founder Travis Kalanick was trying to pack Uber's board with his allies and eventually return to his post as CEO, with Benchmark claiming doing so would harm Uber's shareholders, employees, drivers, and customers.
A spokesman for Kalanick said at the time the lawsuit was "completely without merit and riddled with lies and false allegations".
SoftBank is expected to increase its ownership of Uber after the initial billion-dollar transaction is completed, but will purchase shares at a price below Uber's $68.5 billion valuation, AP reported.
Last month, SoftBank's investment was said to have reached $1.3 billion, with today's announcement cementing many of the proposals made at the time.
SoftBank has made a number of investments in ride-booking services in recent times.