SoftBank Group Corp.’s multibillion-dollar offer to buy a minority stake in Uber Technologies Inc. from existing investors has garnered enough support to go through.

Sources familiar with the matter told the Wall Street Journal that stakeholders are tendering 20 percent of the equity in the ride-hailing company, and SoftBank confirmed the deal later Thursday. SoftBank acquired 15 percent, while the reminder will likely be made available to other prospective buyers. Earlier reports had indicated that Dragoneer Investment Group and existing Uber backer General Atlantic may be among the interested parties.

The transaction values the company at $48 billion. That’s about 30 percent less than its previous $68 billion valuation, which means investors and employees who plan to offload some of their shares will be taking a major discount.

Last month, SoftBank revealed that Benchmark Capital and Menlo Ventures have agreed to sell equity as part of the deal. However, major Uber investors were reportedly kept “largely in the dark” during the negotiations about whether or not they will have an opportunity to offload shares.

The investment is poised to trigger several major organizational changes at Uber that were contingent on securing SoftBank’s funding. Most notably, the board of directors will be expanded from 11 seats to 17, up three of which are set to go to the Japanese telecommunications giant. There are also plans to reduce the voting power of certain early investors such as Uber founder Travis Kalanick.

SoftBank’s cash infusion will give the company more time to shore up operations before having to go public, which is expected potentially in 2019. Uber is rapidly burning through cash reserves, having lost $1.46 billion in the third quarter and $1.06 billion during the preceding three-month period. The ride hailing giant reached a deal to sell its unprofitable car leasing division earlier this week in a move that should help the leadership team cut operating costs going into 2018.

Image: MIKI Yoshihito