Adam Neumann, CEO of WeWork.
Eduardo Munoz | Reuters
WeWork co-founder Adam Neumann and SoftBank are closing in on a settlement agreement that would give the former CEO a $ 480 million payment for about 25% of his shares in the company, a person familiar with the matter said. Deidre Bosa from CNBC. That’s half the stock SoftBank originally intended to buy, this person said.
If a deal were to be finalized, SoftBank would buy approximately $ 1.5 billion worth of shares from early WeWork investors. The deal would represent 10.5% of WeWork’s shares, priced at $ 19.19 per share, which is the initially agreed price, the person said. Neumann would remain a significant shareholder in the company.
SoftBank reached out to Neumann following a report last month that WeWork was in talks to merge with a SPAC affiliated with Bow Capital Management, the source said.
The talks between Softbank and Neumann were first reported Monday by the Wall Street Journal.