WeWork Plans to Publicly Trade Via SPAC Meger with BowX Acquisition | WeWork Plans to Publicly Trade Via SPAC Meger with BowX AcquisitionFinancial Buzz

WeWork Plans to Publicly Trade Via SPAC Meger with BowX Acquisition

Wework and BowX Acquisition Corp. (NASDAQ: BOWX)reported entry into a definitive merger agreement that will allow WeWork to become a publicly listed company.  The transaction values WeWork at an initial value of USD 9 Billion as it will provide WeWork with USD 1.3 Billion of cash to allow the company to fund future growth plans.  Sandeep Mathrani, CEO of WeWork, said, “WeWork has spent the past year transforming the business and refocusing its core, while simultaneously managing and innovating through a historic downturn. As a result, WeWork has emerged as the global leader in flexible space with a value proposition that is stronger than ever. Having Vivek and the BowX team will be invaluable to WeWork as we continue to define the future of work.”

Vivek Ranadivé, Chairman and Co-CEO of BowX Acquisition Corp., said, “I’m thrilled to partner with Sandeep, Marcelo and the entire WeWork team as they continue to transform this business and the real estate industry at large. This company is primed to achieve profitability in the short-term, but the added long-term opportunity for growth and innovation is what made WeWork a perfect fit for BowX. With a fantastic core business, I see WeWork as a company at an inflection point, with an incredible roster of key members coupled with the vision and leadership to digitize an enormous industry.”

Marcelo Claure, Executive Chairman of WeWork, said, “SoftBank has always seen the potential in WeWork’s core business to disrupt the commercial real estate industry and reimagine the workplace. Today, we take another step towards making that vision a reality. The pandemic has fundamentally changed the way we work, and WeWork is incredibly well positioned to springboard into a future propelled by digital technology and a new appreciation of the value of flexible workspace. We look forward to having BowX as our partner as we look to the next chapter.” 

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