Japan-based SoftBank Group Corp. offered to purchase Uber Technologies Inc. shares at a 30% discount to their current value, according to media reports. The human cloud, ride-sharing firm approved an investment earlier this month.

SoftBank Group, an internet and telecommunications giant, and a group of investors are trying to buy a stake in Uber at a discount to the company’s $69 billion valuation, Bloomberg reported on Monday, citing people familiar with the deal. The transaction would be one of the largest purchases of stock in a private company.

The Los Angeles Times reported it is not unusual for secondary market stock — that is, when new investors buy shares from existing investors — to be sold at a discount. But a 30% discount is steep, according to industry experts, who attributed the loss in Uber’s value to the string of blows dealt to its brand this year.

Last week, Uber acknowledged a data breach in October 2016 exposed information related to 57 million rider and driver accounts. Separately, Reuters reported Monday that a court injunction ordered Uber to halt a trial service in Tel Aviv that the company had hoped would pave the way for full operations in Israel.