SoftBank 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.
The deal values WeWork between $7.5 billion and $8 billion before the infusion, sources familiar with the matter say.SoftBank is in very advanced talks to take control of embattled work space company WeWork, according to people familiar with the matter.
SoftBank, led by Japanese billionaire Masayoshi Son, plans to spend somewhere between $4 billion and $5 billion on new funding and existing shares, sources say. The deal will value WeWork between $7.5 billion to $8 billion on a pre-funding basis and could be announced as soon as Tuesday. It is SoftBank itself taking control, not the start-up focused Vision Fund. After the move, Softbank would then have as much as 70% or more control of WeWork.
SoftBank exec Marcelo Claure will be involved in the company's management, while former CEO Adam Neumann's stake will fall to low double digits. Prior to the takeover, SoftBank had already invested $10.65 billion in the space-sharing company. Part of the new funding will involve warrants that were expiring, the sources said., about 13% of its staff, as recently as last week.
The anticipated SoftBank takeover marks the latest chapter in a dramatic year for what was at one point anticipated to be one of Wall Street's hottest initial public offerings. Last month, the
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