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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.