Ride-hailing firm Uber and Japanese telecommunications company Softbank announces a deal, allowing Softbank to make a hefty cut in the valuation of the biggest venture-backed startup.

Softbank Acquires 15% of Uber’s Equity

SoftBank will acquire 15 percent of Uber’s equity at a discount of 30 percent from its most recent value. The new investment is a part of an effort made by Uber to move past a series of scandals and missteps and reform its board structure as it gears up for a 2019 public share offering.

Support from Uber’s Shareholders  

“We are appreciative of the support from Uber’s shareholders in the successful tender offer and look forward to closing the overall investment in January,” said Rajeev Misra, chief executive of SoftBank.

“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,” he added.

Seeking to become major player in autonomous cars

Uber is trying to wind up noticeably a noteworthy player in self-ruling autos and has consented to purchase and adjust vehicles from Volvo to start working self-driving taxicabs.

The ride-sharing group’s website says it has operations in 616 cities in 77 countries and some 16,000 employees. In most cases, Uber drivers are treated as independent contractors.