The proposed multi-billion dollar Uber SoftBank deal appears to be progressing.

A spokesperson confirmed that Uber has decided to continue with the long-awaited investment with Soft Bank Group.

While Uber has not explained the details of the plans, the future arrangement includes a $1 billion investment, based on the latest valuation of $70 billion. A close, but unnamed source, states this deal is an extension of the recent Series G round.

Additionally, $9 billion of Uber shares is expected to be purchased from shareholders and employees alike in order to earn the group lead by SoftBank and Dragoneer Investment Group a 14% ownership stake. While a price has yet to be set, these shares are expected to be purchased at a discounted valuation.

This $1 billion offer is contingent on having enough Uber shareholders willing to sell. The package deal cannot be completed until that key portion is finalized.

Update: On Monday, a statement was released to reporters on behalf of SoftBank Investment Advisors CEO, Rajeev Misra, to reiterate that the deal is not yet finalized.

Basically, the statement explains that while Uber would like to advance the deal set forth in SoftBank's offer, the final number is still being negotiated. SoftBank can walk away if the valuation of the purchase cannot be agreed upon.

Furthermore, tracking down all of Uber's shareholders has not been easy. Newspaper ads are being used by the company to inform people, including venture capitalists and former employees, about the terms of the upcoming tender offer.

Selling shares is also an option for existing employees at Uber.

Another benefit of this deal for Uber is the fact that Japanese-based SoftBank has extensive ties in the global business community and can aid in future Uber expansion plans.

Uber, SoftBank near deal for potential $10B investment