{"id":211764,"date":"2021-03-26T17:34:43","date_gmt":"2021-03-26T14:34:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wework-to-go-public-valued-at-9-bn\/"},"modified":"2021-03-26T17:34:43","modified_gmt":"2021-03-26T14:34:43","slug":"wework-to-go-public-valued-at-9-bn","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wework-to-go-public-valued-at-9-bn\/","title":{"rendered":"#WeWork to go public, valued at $9 bn"},"content":{"rendered":"

“#WeWork to go public, valued at $9 bn<\/strong>”<\/p>\n

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\"WeWork
\n WeWork is back with a public share listing, two years after the high-flying office-sharing firm went into a tailspin that led to the cancelling of a planned share offering
\n <\/figcaption><\/figure>\n<\/div>\n<\/div>\n

WeWork announced Friday it plans to enter public markets through a merger transaction that raises $1.3 billion for the office-sharing firm.<\/p>\n

The move comes two years after the former high-flying office-sharing company went into a spectacular tailspin that led to the cancelling of a planned public share offering and a bailout by Japanese investment firm SoftBank.<\/p>\n

The transaction with BowX Acquisition Corp. is the latest instance in which a prominent company eschews a traditional initial public offering in favor of combining with an entity like BowX that has been specifically established by investors for such a merger. <\/p>\n

The move of merging with a so-called “special purpose acquisition company” or SPAC follows a recent trend that streamlines the process of a public listing.<\/p>\n

WeWork was given an enterprise value of $9 billion in the transaction.<\/p>\n

Once a dazzling “unicorn” valued at $47 billion, WeWork began to unravel as the firm lost cash and canceled a planned 2019 share offering, with the ex-CEO pushed out\u2014albeit with a generous package.<\/p>\n

WeWork executives said the company is poised to thrive in the post-pandemic economy.<\/p>\n

“SoftBank has always seen the potential in WeWork’s core business to disrupt the commercial real estate industry and reimagine the workplace. Today, we take another step towards making that vision a reality,” said Marcelo Claure, the SoftBank CEO and executive chairman of WeWork.<\/p>\n

“The pandemic has fundamentally changed the way we work, and WeWork is incredibly well positioned to springboard into a future propelled by digital technology<\/a> and a new app<\/a>reciation of the value of flexible workspace.”<\/p>\n

The transaction will be funded with BowX’s $483 million of cash and $800 million from other investors led by Insight Partners, Starwood Capital Group, Fidelity Management & Research Company, Centaurus Capital and BlackRock.\n <\/p>\n\n

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SoftBank reaches deal with WeWork\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n WeWork to go public, valued at $9 bn (2021, March 26)
\n retrieved 26 March 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-03-wework-valued-bn.html<\/p>\n

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