Japanese technology conglomerate SoftBank has put together a bid that would save the We Company as the coworking firm faces inevitable doom.
After the We Company failed to go public, it became in desperate need of funding. SoftBank’s bid for the business would involve billions in equity and debt. According to the Wall Street Journal, SoftBank’s new pitch would further remove former CEO and co-founder Adam Neumann from the company’s operations and business.
Additionally, some reports say there is another plan in the works to raise billions of debt in an arrangement managed by JPMorgan and others.
“WeWork has retained a major Wall Street financial institution to arrange a financing,” a spokesperson for We Co. wrote in an email. “Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
SoftBank has hit a snag due to several of underperforming investments in publicly traded companies such as Uber and Slack, just as the company was gearing up to launch its Vision Fund 2.