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Photo: Jaap Arriens / Getty Images

Uber's warring factions have agreed to a truce that will allow Japan's SoftBank Group to launch a tender offer for at least a 14% stake in the ride-hail company, per multiple sources.

Bottom line: This is major development, but doesn't mean the deal will actually be consummated. Instead, SoftBank now will propose a price at which it would buy stock from eligible Uber shareholders, who would then have 30 days to tender.

This deal has been in a holding pattern for several weeks, due to a disagreement between ex-CEO Travis Kalanick and venture capital firm Benchmark. The resolution – which allows a voting rights agreement to be signed shortly – is twofold:

  1. Benchmark will suspend its lawsuit against Kalanick during the tender, and drop it if the deal gets closed.
  2. Kalanick will allow a majority of the board to approve (or disapprove) his future nominees to three board seats that he currently controls.

Key now is what price SoftBank proposes. As we've previously reported, SoftBank likely will need to come up for its indicative proposal that valued Uber at around $50 billion.

Benchmark and other early investors have agreed not to discuss their sale plans with one another, while SoftBank has agreed that all of its secondary share purchases will be at the same price (it had initially wanted to offer a premium to early sellers).

Update: Uber confirms progress in its talks with the investors. From a spokesperson:

We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment. We believe this agreement is a strong vote of confidence in Uber's long-term potential. Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance.

Go deeper

3 hours ago - Politics & Policy

Trump to issue at least 100 pardons and commutations before leaving office

Photo: Mandel Ngan/AFP via Getty Images

President Trump plans to issue at least 100 pardons and commutations on his final full day in office Tuesday, sources familiar with the matter told Axios.

Why it matters: This is a continuation of the president's controversial December spree that saw full pardons granted to more than two dozen people — including former Trump campaign chair Paul Manafort, longtime associate Roger Stone and Charles Kushner, the father of Trump's senior adviser and son-in-law, Jared Kushner.

  • The pardons set to be issued before Trump exits the White House will be a mix of criminal justice ones and pardons for people connected to the president, the sources said.
  • CNN first reported this news.

Go deeper: Convicts turn to D.C. fixers for Trump pardons

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.