SoftBank clinches deal to take over WeWork - sources
) has agreed to spend more than $10 billion to take over WeWork, doubling down on an ill-fated investment and paying off its co-founder Adam Neumann to relinquish control, people familiar with the matter said on Tuesday.
The rescue financing also marks a dramatic fall from grace for Neumann, who as recently as last month was preparing to take WeWork public as chief executive after attaining a $47 billion valuation for it in January. Even though he will give up his board seat, Neumann will get two representatives on WeWork’s board, according to one of the sources.
SoftBank will provide $5 billion in new money to WeWork in the form of debt, the sources said. WeWork picked SoftBank’s offer over an alternative $5 billion debt package submitted on Monday by JPMorgan, the sources said. “We hope Softbank can execute on this enhanced vision, through leveraging its strategic partnerships, or otherwise, and bring back value to WeWork’s minority shareholders,” said All Blue Capital’s Noval, adding that his firm will be holding on to its stake because it views SoftBank’s tender offer price as too low.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
SoftBank to take control of WeWork: SourcesSoftBank will take control of embattled WeWork and provide $4-5 billion in new funding, sources say. The deal would aim to help WeWork get back on track and reach profitability.
Weiterlesen »
WeWork board weighs $9.5-billion takeover bid from SoftBankSoftBank is offering to take over WeWork, buying as much as $3 billion of stock from existing shareholders and providing $5 billion in debt financing.
Weiterlesen »
SoftBank takes control of WeWork in bailout deal; Neumann out - Business InsiderThe Japanese investor will give Adam Neumann $1.7 billion. He'll get a $185 million consulting fee and will step down from the board.
Weiterlesen »
SoftBank is reportedly paying WeWork founder Adam Neumann $1.7 billion to step off the boardWeWork has been considering two competing takeover bids from SoftBank and JPMorgan.
Weiterlesen »