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10/23, 4:42 AM (Source: TeleTrader)
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WeWork agrees to 'significant funding' from SoftBank

The We Company and SoftBank Group Corp. announced a deal under which Softbank will provide "$5 billion in new financing and the launching of a tender offer by SoftBank of up to $3 billion for existing shareholders," the coworking firm said in a press release.

Softbank will own around 80% of the New York-based company when the deal and tender offer get completed. The COO of Softbank, Marcelo Claure, will become the executive chairman of WeWork's board of directors. "Adam Neumann, the founder of the Company, will become a Board observer," WeWork revealed in the statement.

Breaking the News / MS