After an unsteady year regarding losses and corporate management, Uber has sold a 15 per cent stake to SoftBank. The deal, with an anticipated close in January, would give Uber $1.25 billion investment from the Japanese company. The investment comes from SoftBank’s Vision Fund. An earlier tender offer by SoftBank offered the ride-share company $33 a share, which would give the company a 30% decrease in value.

“We look forward to working with the purchasers to close the overall transaction,” an Uber spokesperson said in a statement.

According to reports, the price the company was purchased for was of concern to some of Uber’s investors. With the deal, Uber is now valued at $48 billion as opposed to the $69 billion it was worth after its last financing round. As part of the deal, Uber will also be reassembling its governing body.

“We are appreciative of the support from Uber’s shareholders in the successful tender offer,” Rajeev Misra, CEO of SoftBank Investment Advisers, said in a statement. “We have tremendous confidence in Uber’s leadership and employees and are excited to support Uber as it continues to reinvent how people and goods are transported around the world.”

According to the spokesperson from Uber, the funds from SoftBank will be put towards the company’s technology, growth, and the reassembling of its governing body.

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