WeWork confirmed it has received $1.5bn from SoftBank. The payment triggered a number of governance changes, including Marcelo Claure officially taking over from co-founder Adam Neumann as chairman of the company and the assignment of five seats on the board to SoftBank. In an interview with Bloomberg in March, Mr Neumann said that he was “very happy” about the deal but declined to comment further. Sine is close to SoftBank’s Masayoshi Son and advised on several deals including mergers negotiation between Sprint and T-Mobile. SoftBank is understood to be seeking approval of its WeWork bailout package from Committee on Foreign Investment (CFIUS) in the US, according to Bloomberg citing a person familiar with the plans.
WeWork confirmed it has received $1.5bn from SoftBank. The payment triggered a number of governance changes, including Marcelo Claure officially taking over from co-founder Adam Neumann as chairman of the company and the assignment of five seats on the board to SoftBank. WeWork also said it had appointed Jeff Sine, lawyer and co-founder of M&A investment bank Raine Group as a new independent director. Sine is close to SoftBank’s Masayoshi Son and advised on several deals including mergers negotiation between Sprint and T-Mobile. SoftBank is understood to be seeking approval of its WeWork bailout package from Committee on Foreign Investment (CFIUS) in the US, according to Bloomberg citing a person familiar with the plans.