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Softbank to invest additional $2 billion in WeWork: sources
SoftBank Group Corp will inject another $2 billion in WeWork Cos Inc this year, bringing the Japanese conglomerate`s total investment in the office space provider to more than $10 billion, according to two people familiar with the matter.
The new investment will value WeWork at $47 billion, one of the sources said. SoftBank will separately convert previously purchased warrants into equity at a valuation of $20 billion, the source added.
The new investment, which could be announced as early as Tuesday, will not include any money from Softbank`s Vision Fund, according to the second source.
Saudi Arabia is the biggest investor in The Vision Fund, which was a major backer of SoftBank`s early investments in WeWork and holds stakes in other technology companies, including the Uber ride-hailing service.
The new round will bring total Softbank investments in WeWork to about $10.4 billion.
Softbank is investing the funds following declines in global stock markets, which have hurt the value of technology shares. Softbank Group`s initial public offering of its SoftBank Corp , which was Japan`s biggest-ever IPO, fell 15 percent in its trading debut last month, erasing $9 billion in value.
The Financial Times reported earlier on Monday that SoftBank was in talks to inject an additional $2 billion into WeWork.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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