WeWork Makes $9 Billion SPAC Deal in New Path to Go Public
- Companies expect the deal to close in the third quarter
- Company also raises $1.3 billion from Insight, other investors
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WeWork agreed to sell itself to a blank-check company in a deal to take the troubled office-sharing startup public almost two years after a high-profile failed listing.
The agreement will merge WeWork with BowX Acquisition Corp., valuing it at $9 billion including debt. It will also raise $1.3 billion for WeWork, including $800 million from a private placement with investors including Insight Partners, funds managed by Starwood Capital Group, and Fidelity Management.