SoftBank Group Corp. and a coalition of investors will offer to buy shares in Uber Technologies Inc. at a price that would value the ride-hailing company at 30 percent less than its most recent $69 billion valuation, according to two people familiar with the matter.

In addition to its tender offer to existing Uber shareholders at a $48 billion valuation, the Japanese technology conglomerate will invest at least $1 billion in Uber at its $69 billion valuation, said the people, who asked not to be identified discussing the private terms of deal.

The price moves Uber a step closer to executing one of the largest private stock sales ever. The expansion of the ride-hailing company’s board and a number of other governance reforms have been attached to passage of the stock deal, upping the stakes. Locking in the investment from SoftBank has been a top priority for new Uber Chief Executive Officer Dara Khosrowshahi.

The deal isn’t done, however. Shareholders will need to sell at the $48 billion price. While it’s 30 percent less than the current valuation, the offer would represent a significant windfall for many early investors. If shareholders don’t agree to sell in sufficient numbers, SoftBank could raise the price or walk away.

A number of Uber shareholders have agreed to sell shares as part of the deal, the people said.

An Uber spokesman declined to comment.