NEW YORK & TOKYO, Oct 31 (Bernam-BUSINESS WIRE) — The We Company (“WeWork” or the “Company”) and SoftBank Group Corp. (“SoftBank”) today announced that WeWork has received $1.5 billion in funding, which was an acceleration of the existing payment obligation, approved by WeWork’s shareholders at $11.60 per share. In connection with the completion of the $1.5 billion funding from SoftBank, several governance changes became effective today, including the reconstitution of the WeWork Board of Directors.
As previously announced, the $1.5 billion payment and governance changes are part of an agreement with WeWork that has now been approved by WeWork shareholders, under which SoftBank will provide significant funding to the Company. The financing package includes $5 billion in new debt financing.