{"id":118648,"date":"2021-03-27T18:49:00","date_gmt":"2021-03-27T18:49:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118648"},"modified":"2021-03-27T18:49:00","modified_gmt":"2021-03-27T18:49:00","slug":"wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/wework-agrees-to-9b-spac-deal-in-push-for-stock-market-listing\/","title":{"rendered":"WeWork agrees to $9B SPAC deal in push for stock-market listing"},"content":{"rendered":"
Former Secretary of Commerce Wilbur Ross provides insight into SPACs replacing IPOs and which industries are the future of the country.<\/p>\n
WeWork has agreed to sell itself in a blank-check deal that would result in the shared office space provider becoming a publicly traded company, almost two years after its initial public offering debacle.<\/p>\n
The planned merger with BowX Acquisition Corp., which is expected to close in the third quarter of this year, values WeWork at $9 billion including debt, much lower than the $47 billion at which the company was once valued.<\/p>\n
A TRUMP SPAC IS THE TALK OF WALL STREET<\/strong><\/p>\n WeWork will receive $1.3 billion cash, including an $800 million private placement, to help fund its future growth plans. Investors include funds managed by Barry Sternlict's Starwood Capital Group and Fidelity Management.<\/p>\n “This company is primed to achieve profitability in the short-term, but the added long-term opportunity for growth and innovation is what made WeWork a perfect fit for BowX,” said Vivek Ranadivé, chairman and co-CEO of BowX Acquisition Corp, in a statement.<\/p>\n