WeWork considers $1.9 billion offer for 70% stake in WeWork India

WeWork considers $1.9 billion offer for 70% stake in WeWork India
15/06/2019 , by , in News/Views

Shared office space manager WeWork Cos is exploring a deal to take majority control of its affiliate WeWork India ahead of the New York-based company’s plans to go public, Bloomberg reported on Thursday, citing people familiar with the matter.

WeWork is in talks to buy around 70% of WeWork India at a valuation of about $2.75 billion, said the report.

The cash-and-stock deal, $1.9 billion at this terms, could close as early as August, media reported, adding the terms of the deal were not yet finalized.

WeWork India is a franchisee controlled by real estate tycoon JituVirwani and his son Karan. They control Bengaluru-based developer Embassy Group, while Karan Virwani is the CEO of WeWork India.

WeWork owner, The We Company, filed for an initial public offering in the United States in April.

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