Bulletin
Investor Alert

Market Pulse Archives

March 26, 2021, 6:23 a.m. EDT

WeWork to go public through merger with BowX Acquisition: WSJ

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    BowX Acquisition Corp. Cl A (BOWX)
  • X
    SoftBank Group Corp. ADR (SFTBY)
  • X
    SoftBank Group Corp. (9984)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

WeWork will be going public after the flexible office space company has agreed to merge with special purpose acquisition company BowX Acquisition Corp. /zigman2/quotes/222085303/composite BOWX -0.67% in a deal valuing WeWork at $9 billion, including debt, according to a Friday report in The Wall Street Journal . BowX shares rallied 4.8% in premarket trading. WeWork would raise $1.3 billion in the deal, including $800 million in private investment in public equity (PIPE) from Insight Partners, funds managed by Starwood Capital Group, Fidelity Management and others, the WSJ report said. In 2019, an investment from Japan-based technology investor Softbank Group Corp. /zigman2/quotes/207137761/delayed SFTBY +0.90% /zigman2/quotes/207303954/delayed JP:9984 -0.40% had valued WeWork at $47 billion, the report said. An earlier attempt at going pubic through a more traditional public offering had failed, as Adam Neueman resigned as chairman and chief executive and as WeWork closed locations and slashed its workforce as the COVID-19 pandemic sapped demand for office space. The WSJ had reported in January that WeWork was in talks with a SPAC associated with Bow Capital. BowX's stock, which went public in October 2020, has lost 5.1% year to date through Thursday, while the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +1.22% has shed 6.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has gained 4.1%.

/zigman2/quotes/222085303/composite
US : U.S.: Nasdaq
$ 11.87
-0.08 -0.67%
Volume: 343,147
May 7, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$716.65 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/207137761/delayed
US : U.S.: OTC
$ 46.17
+0.41 +0.90%
Volume: 149,567
May 7, 2021 3:59p
P/E Ratio
12.36
Dividend Yield
0.31%
Market Cap
$162.20 billion
Rev. per Employee
$703,100
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 10,000.00
-40.00 -0.40%
Volume: 6.74M
May 7, 2021 3:00p
P/E Ratio
12.94
Dividend Yield
0.00%
Market Cap
¥17609.08 billion
Rev. per Employee
¥76.45M
loading...
/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 56.21
+0.68 +1.22%
Volume: 668,025
May 7, 2021 4:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,232.60
+30.98 +0.74%
Volume: 2.05B
May 7, 2021 5:15p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.