SoftBank to take control of WeWork
SoftBank already owns one-third of WeWork, but is aiming to invest several billion dollars in additional equity and debt in the company.
SoftBank has prepared a financing package to take control of WeWork
Stocks impacted: SoftBank (SFTBY), WeWork (WE)
The proposed deal would give SoftBank more than a 50 per cent stake in the company as the lossmaking property group faces a cash crunch that threatens its solvency. However, according to come sources, it is unclear if a deal between SoftBank and WeWork could be clinched as it could yet fall apart. If the company is unable to raise new financing before the end of November, it could face bankruptcy.
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