WeWork and special acquisition company BowX Acquisition Corp., have agreed to merge in a transaction that will take WeWork public and value the flex office provider at $9 billion.
The transaction will provide WeWork with approximately $1.3 billion in cash to fund its growth plans into the future.
It is a heady comeback for the company, following its failed IPO in 2019 and more recently, a year of struggle during the pandemic. But the company also took the opportunity of the last twelve months to refocus its core, according to CEO Sandeep Mathrani. "As a result, WeWork has emerged as the global leader in flexible space with a value proposition that is stronger than ever."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
