SoftBank confirms the take over of We Work of up to 80%

SoftBank confirms the take over of We Work of up to 80%
SoftBank confirms the take over of We Work of up to 80%

The Japanese conglomerate, SoftBank has finalized a deal along with We Work, a co-working company to take a stake of 80% in the share. The deal was a result of tumultuous months for We Work that had a course of events including its IPO filing and exit of CEO, Adam Neumann. The company asserted in a statement that the Japanese counterpart firm will invest an amount of $5 billion in new financing agreements and will also speed up the pace by offering a 1.5 billion dollar’s financing commitment. Also, SoftBank is offering an amount of $3 billion dollars in buybacks for the shareholders. The Wall Street Journal reported that Adam Neumann will be given a sum of 1.7 billion dollars as compensation and give up his voting rights.

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