BowX Accquisition Corp (BOWX)

[TallTrader]

WeWork to Become Publicly Traded Via SPAC Merger with BowX Acquisition Corp.

- WeWork’s platform and global network position the company as a leader in flexible space, ideally situated to serve the multi-trillion dollar office space market and the future of work
- Within the past year, WeWork has made significant progress in the ongoing transformation of the business with a focus on cost-management and smart digital innovations
- COVID-19 has accelerated the demand for flexible workspace among organizations large and small, which WeWork is uniquely positioned to serve on a global basis
- A significantly improved cost structure combined with strong demand from WeWork members globally presents a clear path to positive adjusted EBITDA
- The transaction implies a pro forma initial enterprise value of approximately $9 billion for WeWork; resulting cash on hand will enable WeWork to fund its growth plans
- WeWork will receive approximately $1.3 billion, including a fully committed $800 million private placement investment with key investors including Insight Partners, funds managed by Starwood Capital Group, Fidelity Management & Research Company LLC, Centaurus Capital, and funds and accounts managed by BlackRock

https://www.businesswire.com/news/home/20210326005197/en/WeWork-to-Become-Publicly-Traded-Via-SPAC-Merger-with-BowX-Acquisition-Corp.