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.

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