Temasek, Trustbridge Aim For Majority Stake in WeWork China, Report Says

Last month, Temasek and Trustbridge submitted a takeover proposal to SoftBank, WeWork’s largest backer, which valued the Chinese branch at approximately $1 billion, Reuters reported Friday

Adi Pick 12:5519.01.20
TAGS:

Singapore's governmental holding company Temasek Holdings and Shanghai-based private equity firm Trustbridge Partners are looking to increase their stake in struggling coworking company WeWork’s China unit and become majority stakeholders, Reuters reported Friday. 

 

According to WeWork’s initial public offering prospectus it filed in August, the company owns 59% of WeWork China, with the remaining stake belonging to Japanese holding company SoftBank Group Corp., Hony Capital Co.Ltd., Temasek, and Trustbridge.

WeWork. Photo: WeWork WeWork. Photo: WeWork
According to Reuters, last month, Temasek and Trustbridge submitted a takeover proposal to SoftBank, WeWork’s largest backer, which valued the Chinese branch at approximately $1 billion.

 

WeWork’s co-founder and CEO Adam Neumann was ousted from WeWork in September, following the company’s disastrous attempt to go public. Subsequently, WeWork’s valuation plummeted from its initial $47 billion, to under $20 billion.

 

Last week, Calcalist reported that Temasek is in talks to acquire Israel-based micro-irrigation company Rivulis Irrigation Ltd., according to two people familiar with the matter who spoke to Calcalist on condition of anonymity.