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SoftBank clinches WeWork takeover deal, bailing out co-founder

Updated : October 23, 2019 09:07 AM IST

The deal represents a stunning reversal of fortune for WeWork as well as its largest shareholder, SoftBank, which has committed more than $13 billion in equity to a company that is now valued at just $8 billion.
SoftBank said it will own 80 percent of WeWork following the tender offer, but will not be consolidating the company on its books because it will not hold a majority of voting rights.
SoftBank clinches WeWork takeover deal, bailing out co-founder

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