According to The Wall Street Journal, Japanese tech and investment firm SoftBank Group has come up with a bid to take control of WeWork‘s parent company, The We Company. The news comes amid reports that WeWork will be cash-dry by next month following a turbulent few months, resulting in the removal of its ex-CEO and co-founder Adam Neumann and the collapse of its initial public offering that at one point was valued at $47 billion USD.
The upcoming bid will give SoftBank — which already owns one-third of The We Company — majority control of the co-working space rental business. However, sources say it’s not the only pitch WeWork is receiving. They suggest that there’s another plan currently being worked on to raise billions through a deal managed by JPMorgan Chase & Co. In this regard, a WeWork spokesperson issued the following statement in an email: “WeWork has retained a major Wall Street financial institution to arrange a financing. Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
Stay tuned as the story develops.
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