SoftBank set to take control of WeWork

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SoftBank – which already owns around 30% WeWork shares – is reported to be talks to take control the company, taking a possible 50% stake.

SoftBank’s chief executive Masayoshi Son has been trying to gain full control of WeWork in a bid to save an investment that has already cost the Japanese telecom group and its Saudi Arabia-backed Vision Fund more than $10bn.

A company spokesman told the FT: “WeWork has retained a major Wall Street financial institution to arrange a financing. Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”