WSJ: SoftBank, WeWork's largest investor, takes control of the embattled office company, with co-founder Adam Neumann stepping down
The deal will value WeWork at about $8 billion, per the Wall Street Journal, far less than the $47 billion valuation from SoftBank's January investment.
The Japanese investor will provide WeWork co-founder Adam Neumann with almost $1.7 billion. He'll sell nearly $1 billion of stock to SoftBank. Neumann will step down from the board, where he's currently the chairman, and will receive a $185 million consulting fee as well as a $500 million credit line, per the Wall Street Journal.
SoftBank's $1 billion stock purchase will be part of a larger $3 billion tender offer to other employees and investors. Full details of the deal are not yet clear. Representatives for SoftBank and WeWork did not immediately respond to requests for comment.on Monday that the company would offer WeWork $5 billion in debt; accelerate a $1.5 billion equity commitment slated for next year; and buy $3 billion worth of stock from investors including co-founder Adam Neumann. SoftBank would own between 60% and 80% of WeWork.
WeWork earlier this year was in talks to borrow $6 billion from banks, a deal contingent on raising at least $3 billion in a public float. But after the company released its initial-public-offering filing in mid-August, investors, analysts, and the media highlighted problems with its
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