WeWork is purchasing Chinese startup Naked Hub to incorporate itself into China for expansion purposes.
New York-based WeWork, the largest global co-working company, will pay about $400 million for the three-year-old Chinese business, according to two people familiar with the matter, who asked not to be identified because the terms are private. The majority will come in the form of equity, one of the people said.
Adam Neumann, chief executive officer at WeWork, said that the two companies were drawn to each other because of their similar cultures and want to do more than provide office space for money. “WeWork is not a co-working company,” he said. “WeWork is as much a co-working space as Amazon is a bookstore.”
WeWork, which rents desks or offices to freelancers and other workers, is pushing aggressively into Asia. The company’s China ambitions began in 2016 with an office in Shanghai, and it now has more than 10,000 members across 13 offices in Shanghai, Beijing and Hong Kong. Last year the company raised $4.4 billion from SoftBank Group Corp. for its global operations and a trio of new Asia subsidiaries. The funding valued WeWork at about $20 billion.
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