WeWork’s parent company, the We Company, submitted confidential documents to the U.S. SEC for an initial public offering (IPO). The news comes shortly after SoftBank Group slashed its investment from $16 billion to $2 billion. An IPO could help the coworking giant keep up the cash flow it needs to continue its fast-paced growth.
Industrious announced this Thursday that it had acquired California-based TechSpace. This marks Industrious’ second acquisition in less than a year. As competition in the industry intensifies, flexible workspace operators have increased their M&A activity in order to grow their presence in new and established markets.
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Singapore-based coworking operator, JustCo, has officially entered the Australian coworking market. The company formally opened its 4,200 square meter (45,208 sq ft) space at Sydney’s 175 Pitt Street, the Australia Financial Review reported this week. The company plans to grow from 40 to 100 locations across Indonesia, China, South Korea, Taiwan, and Thailand over the next 12 months.
The Financial Times reported this week that private equity firms CVC Capital and HPEF plan to sell their majority stakes in Asia-based The Executive Center. The sale could value the flexible workspace company at more than $750 million. Together, both private equity firms have 80% of The Executive Center’s ownership.