WeWork Raises Funding from SoftBank Group
NEW YORK & TOKYO-- The We Company and SoftBank Group announced an agreement under which SoftBank commits to provide significant funding to the WeWork.
This includes $5 billion in new financing and the launching of a tender offer by SoftBank of up to $3 billion for existing shareholders.
Additionally, SoftBank will be accelerating an existing commitment to fund $1.5 billion.
The funding provides WeWork with significant liquidity to execute its business plan to accelerate the Company’s path to profitability and positive free cash flow.
After closing, and following the tender offer, SoftBank’s fully diluted economic ownership of WeWork will be approximately 80 percent. Since SoftBank will not hold a majority of voting rights at any general stockholder meeting or board of d...