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SoftBank takes over WeWork in a 10 billion $ deal

By ET Bureau - October 24, 2019 1 Mins Read

SoftBank, WeWork, Adam Neumann

More interestingly, the Japanese giant gave nearly $1.7 billion payoffs to the co-founder Adam Neumann to relinquish control. It’s a win-win situation for both the entities involved, and the co-founder is seeing the reversal of fortunes. Now SoftBank needs to plug its bleeding and make it profitable. This is a dramatic step for WeWork, and especially for Neumann who was planning to take the brand for an IPO later this month, and looking for a 47$ valuation for the brand. He has now made a profitable side deal with SoftBank, to step down from the board of The We Company, the owning brand for WeWork. The value runs into $685 million, sources say.

As for SoftBank, it appears to be more of a strategic decision, as the Chief Executive Masayoshi Son is convincing investors to be a part of the company’s second mammoth Vision Fund. He is seeking to raise $108 billion for the success of this new vision.

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