Japanese telecoms giant SoftBank is to invest $4.4bn (£3.4bn) in flexible office provider WeWork.
WeWork and SoftBank confirmed a combined $4.4bn investment in the company on Thursday, including $3bn into WeWork directly, and $1.4bn invested into three subsidiaries: WeWork China, WeWork Japan and WeWork Pacific.
The pair plan to back the New York-based provider of shared working space ahead of its expansion into major Asian markets.
The group said $3bn would be channelled into new shares in WeWork and buying out its existing investors. The remaining $1.4bn will be used to grow its presence in China, Japan and Korea and South East Asia.
SoftBank will get a major presence on WeWork’s board of directors, adding SoftBank vice chairman Ronald D Fisher and external director Mark Schwartz, a former Goldman Sachs executive, to the board.
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