WeWork co-founder and former CEO Adam Neumann has agreed to reduce payments from new owners of shared office space companies by nearly $ 500 million to SoftBank Group Corp. We are conducting preliminary consultations to resolve the court battle that is attracting attention. A move that helps pave the way for WeWork’s second attempt at public listings.
According to the terms being discussed, SoftBank will spend about $ 1.5 billion to buy shares for early WeWork investors and employees, and about $ 500 million to buy shares from Mr. Neuman. In both cases, it is about half the amount initially agreed. Familiar with the talks.
Softbank acquired a majority stake in WeWork after the initial public offering attempt collapsed in 2019. Conflicts of interest and irregular behavior.. Neumann resigned under pressure as CEO following the IPO blunder.
Negotiations are sometimes volatile and there is no guarantee that an agreement will be reached, but people said the agreement could be completed within a few days.
If there is a settlement, WeWork is also considering a merger with a special acquisition company, which could lead to another transaction.
WeWork co-founder Adam Neumann is approaching a reconciliation with SoftBank
Source link WeWork co-founder Adam Neumann is approaching a reconciliation with SoftBank