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Two investors could purchase a controlling stake in WeWork China, sources told Reuters.
What Happened
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The investors, Temasek Holdings and Trustbridge Partners, have had negotiations with WeWork China about buying more shares to own a majority stake in the company.
A takeover proposal, which valued the company at around $1 billion, was submitted to WeWork-backer SoftBank Group Corp. (OTC:SFTBY) at the end of last year, one of the sources told Reuters anonymously.
WeWork currently holds 59% of shares in WeWork China, while the rest belongs to other investors, including Trustbridge, SoftBank and Hony Capital, that WeWork China raised $500 million in 2018.
Why It Matters
If SoftBank and WeWork choose to accept the takeover proposal, it will help reduce the financial stress on the two companies.
The office-space startup is currently going through a major restructuring after its IPO failed, and CEO Adam Neumann resigned in September 2019.
Japanese firm SoftBank Group announced a $9.5 billion bailout package for WeWork in October, but talks with Japan’s top three banks stalled in December.
Price Action
Shares of SoftBank rose 0.21% to close at $44.29 on Thursday.
Photo Credit: Official WeWork Site
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.