The Wall Street Journal reported that Fair will offer jobs to about 150 of the 500 or so employees at Xchange Leasing. It marks the first significant piece of business for new CEO Dara Khosrowshahi, who is now preparing the embattled ride-hailing company to go public by 2019. The closing of the deal will also mark the end of the company's supervoting share structure, moving the company to a "one share, one vote" system that further weakens the influence of early executives and shareholders. Other investors including Dragoneer Investment Group scooped up the remaining 2%.
A number of corporate reforms are tied to the deal's completion. Uber is losing more than $1bn each quarter and a new cash infusion is critical.
Rajeev Misra, CEO of SoftBank Investment Advisers, said the firm was "appreciative of the support from Uber's shareholders in the successful tender offer".
You can read the full Wall Street Journal story here.
As part of the deal, Uber plans to add six directors, two of whom come from SoftBank, and expand voting rights for all investors.
Erik Gordon, an entrepreneurship expert at the University of Michigan's Ross School of Business, told Reuters the stockholders did the smart thing.
A spokesperson for Kalanick did not return a request for comment.
"We have tremendous confidence in Uber's leadership and employees and are excited to support Uber".
Lucky for Uber, the company will still retain its title of "most valuable startup", as second place goes to WeWork, which is now valued at $31 billion.
SoftBank founder Masayoshi Son has taken a keen interest in ride-hailing companies around the world and already has sizeable stakes in China's Didi, Brazil-based 99, India's Ola and Singapore Grab, all of which have competed with Uber.
Uber said the investment would fuel its expansion and technology investments.