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SoftBank takes over 80 percent of WeWork

The Verge Wednesday, 23 October 2019 ()
SoftBank takes over 80 percent of WeWorkIllustration by Alex Castro / The Verge

WeWork and SoftBank have announced a deal that will see the Japanese tech giant buy out around 80 percent of the beleaguered real estate company. Marcelo Claure, the former CEO of Sprint — which SoftBank acquired in 2012 — will be the new executive chairman at WeWork. Adam Neumann, the founder and CEO who is receiving more than a billion dollars to leave, will become a “board observer” without voting power. Artie Minson and Sebastian Gunningham remain co-CEOs of WeWork.

SoftBank is already WeWork’s largest investor, to the tune of more than $10 billion. The new deal includes $5 billion in further funding, $1.5 billion that had already been pledged for the future, and a $3 billion tender offer for existing shareholders outside SoftBank....
Credit: The Street - Published < > Embed
News video: Midday Wrap: WeWork and SoftBank Come to Agreement, FB Faces Scrutiny

Midday Wrap: WeWork and SoftBank Come to Agreement, FB Faces Scrutiny 01:14

SoftBank Group won approval from the board of WeWork to take control of the office space rental operator, according to multiple news reports, as WeWork chose SoftBank's rescue package over a competing offer from JPMorgan Chase . We Co. reportedly was in danger of running out of cash before the end...

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