WeWork Sells Control of China Unit

WeWork Sells Control of China Unit
25/09/2020 , by , in INTERNATIONAL

U.S. office-sharing firm WeWork will sell control of its China division to one of its investors – private equity firm Trustbridge Partners – as it steps back from a competitive market where it has suffered low-occupancy rates. The deal effectively offloads the China unit away from the parent, which has faced fundraising issues since a failed attempt to go public in 2019. WeWork will maintain a minority stake and “participating interest. Concurrent with the deal, the division has received $200 million in funding from existing investors.

WeWork shelved its initial public offering in 2019 after investors grew wary of its losses, business model and corporate governance.

About Realty Plus

Loading...