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WeWork considers $1.9 billion offer for 70% Indian affiliate stake: Bloomberg

Key Points
  • Shared office space manager WeWork is exploring a deal to take majority control of its affiliate WeWork India ahead of the 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.
A man enter the doors of the 'WeWork' co-operative co-working space in Washington, DC.
Mandel Ngan | AFP | Getty Images

Shared office space manager WeWork 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 owner The We Company filed for an initial public offering in the United States in April.

WeWork did not immediately respond to a request for comment on the matter.

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Key Points
  • WeWork announces Wednesday it is creating a fund with $2.9 billion of total equity capital to buy stakes in buildings it rents from.
  • The company has previously been criticized for CEO Adam Neumann's stake in buildings he rented to the company.
  • The fund, called ARK, will serve as WeWork's "global real estate acquisition and management platform," according to a press release.