Press "Enter" to skip to content

SoftBank Takes 80% Rights Of WeWork, Declares $5 Billion In New Funding

Reportedly, SoftBank has hit an accord to take control of WeWork, the co-working firm declared. The company asserted the Japanese conglomerate will present $5 Billion in new funding and more $3 Billion in a bid offer for current financiers. SoftBank will also accelerate a present $1.5 Billion financing promise, WeWork stated in a release. Following completion and tender bid, SoftBank’s venture in WeWork will be around 80%. In a statement, Masayoshi Son—SoftBank’s Chairman and CEO—said, “SoftBank is a firm supporter that the world is experiencing a massive revolution in the manner people function. WeWork is at the vanguard of this revolution.”

The Japanese billionaire stated WeWork’s “development challenges” are “not rare for the world’s top technology disruptors.” In a statement, Son said, “As the vision remains not changed, SoftBank has determined to expand the company by offering an important capital infusion and equipped support. We are committed to WeWork, its workforce, its member landlords and customers.” Tokyo-filled shares of SoftBank had declined by nearly 3% before the announcement. As a part of the agreement, WeWork stated it will employ Marcelo Claure—SoftBank’s COO—as its executive chairman for the board of directors.

Similarly, recently, Intel filed an antitrust case in opposition to SoftBank-supported organization over patent practices. Chip manufacturer Intel Corp. has registered an antitrust complaint against a SoftBank Group Corp-managed investment firm claiming the company stockpiled patents to maintain technology firms with numerous lawsuits. The charges filed in the United States District Court for the Northern District of California, San Jose stated that Fortress Investment Group—which SoftBank acquired in 2017 for $3.3 Billion—obtained control of over 1,000 U.S. technology patents. Intel asserted that Fortress and other firms it controls or owns filed lawsuits in opposition to the Santa Clara chip producer claiming that almost every Intel processor manufactured from 2011 breached patents the firms had obtained control from NXP Semiconductors.

Anne Marshall
Anne Marshall Author
Lead Editor At Global News Journal

The Business department at Global News Journal is handled and managed by Anne. She has 5 plus years of experience in the related sector. She has done her Masters in Business Administration and hence is a perfect fit for this job. If anybody has any doubt in the business section, they look up at Anne. And she totally solves it. In her free time, Anne loves sipping coffee at her favorite coffee shop.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *