Shared office space manager WeWork Cos is exploring a deal to take majority cont...
FILE PHOTO: The WeWork logo is displayed outside a co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File Photo
- Shared office space manager WeWork Cos is exploring a deal to take majority control of its affiliate WeWork India ahead of the New York-based company’s plans to go public, Bloomberg reported on Thursday, citing people familiar with the matter. WeWork is in talks to buy around 70% of WeWork India at a valuation of about $2.75 billion, Bloomberg reported.
The cash-and-stock deal, $1.9 billion at this terms, could close as early as August, Bloomberg reported, adding the terms of the deal were not yet finalized. WeWork India is a franchisee controlled by real estate tycoon Jitu Virwani and his son Karan Virwani. They control Bengaluru-based developer Embassy Group, while Karan Virwani is the CEO of WeWork India.WeWork did not immediately respond to a request for comment on the matter.
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