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WeWork Enters Talks To Acquire Majority Control Of Its India Unit From Buildcon LLP
WeWork office in Toronto. (Pic by Raysonho @ Open Grid Scheduler / Grid Engine via Wikipedia)
US-based co-working space company WeWork has entered talks to buy out up to 70 per cent of the stake in its Indian affiliate, WeWork India, which is run brand franchisee owned primarily by Buildcon LLP, reports The Economic Times.
The deal would enalbe WeWork to consolidate the financials of the India operation with its operations globally, helping it to put out better numbers prior to its upcoming initial public offering slated for the latter part of this year. The India unit is the fastest growing operation of the company in the world.
The deal with Buildcon LLP, which is run by real estate tycoon Jitu Virwani and his son Karan Virwani, may be finalised as early as August; WeWork may be looking to make an offer valuing the whole India operation at $2.75 billion, which would entail a deal of $1.9 billion.
WeWork was founded by Israeli entrepreneur Adam Neumann, with his American partner Miguel McKelvey. The company was last valued to be worth around $47 billion.
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