WeWork Inc. making its First Acquisition as a Public Company

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WeWork Inc. making its First Acquisition as a Public Company
31 Jan 2022
5 min read
TWN In-Focus

News Synopsis

WeWork Inc has made the first acquisition as a public company and the first-ever since Sandeep Mathrani the chief executive officer took over the co-worker company’s co-founder Adam Neumann. The company agreed to buy the Common Desk with 23 locations in Texas and North Carolina.Common Desk will continue to operate as an independent brand. 19 out of its total 23 locations operate under management agreements that will allow the company to run space and collect a share of rent revenue without entering into a long-term traditional lease. WeWork is planning to pursue more management agreements in the future.WeWork also made a run at the public markets through a merger with a special purpose acquisition company. The shares of the company are down by 20% ever since its October listing taking the market cap of the company to $5.7 billion.

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