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


Added 06-14-19 02:03:02am EST - “Shared office space manager WeWork Cos is exploring a deal to take majority cont...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “WeWork considers $1.9 billion offer for 70% Indian affiliate stake:...”. Below is an excerpt from the article.

(Reuters) - Shared office space manager WeWork Cos 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.

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