WeWork is merging with a special-purpose acquisition company, SPAC, in a deal that values it at US$9 billion, including debt, the company announced.
The merger with the BowX Acquisition SPAC would take the Softbank-owned WeWork public, two years after the shared-workspace company’s disastrous attempt to file an initial public offering (IPO) in 2019.
The Wall Street Journal first reported the merger and WeWork then confirmed the deal in a press release.
A SPAC is a company created solely to merge or acquire another business and take it public, making it a cheaper, faster alternative to an IPO, Insider’s Martin Daks reported.
The valuation is less than a quarter of the US$47 billion valuation WeWork achieved in January 2019, which was in part thanks to a SoftBank investment in January 2019.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI