Adam Neumann, the chief executive officer of WeWork, confirmed the merger with its Chinese rival Naked Hub in a news conference held Thursday in Shanghai. The deal will be carried out in the form of equity investment.
Details of the merger such as the exact amount and the operation of Naked Hub as an independent brand are not disclosed. A Bloomberg report estimated that the transaction will be around USD 400 million.
Neumann said that WeWork and Naked Hub share a similar understanding of the importance of space, community, design, culture and technology. The partnership will help their businesses across China “grow, scale and succeed”.
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