WeWork, the shared office provider, will restructure its business to help expand operations in sectors such as residential and education after its largest investor SoftBank agreed to buy a further $2bn of shares.
The real estate group on Tuesday confirmed plans to raise fresh funds from the Japanese tech group, which will acquire $1bn of newly issued shares from WeWork directly and a further $1bn from employees and existing investors.
The deal, which was first reported by the Financial Times on Monday, will give WeWork much less than the $16bn that the group had initially hoped from SoftBank, which scaled back its plans following the sell-off in tech stocks and worries among investors in its $100bn Vision tech fund over the investment.
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