WeWork gets billion dollar rescue package from SoftBank, plus a new chief executive

Wednesday 23 October 2019 | 09:36 CET | News
SoftBank has prepared a rescue deal for WeWork, the troubled startup that canceled its IPO earlier this year due to investor concerns into its finances and leadership. The investor has already invested billions into the company, which provides shared workspaces for tech startups and service providers. It will now provide USD 5 billion worth of new financing, launch a tender offer of up to USD 3 billion more for existing shareholders, and accelerate an existing commitment to fund USD 1.5 billion. In exchange, WeWork will appoint as executive chairman Marcelo Claure, a former CEO of Sprint and

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Categories: Mobile & Wireless
Companies: Softbank
Countries: World
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