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WeWork gets $3 billion in new funding from SoftBank

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WeWork gets $3 billion in new funding from SoftBank
People visit the booth of WeWork as they attend the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz   -   Copyright  Eduardo Munoz(Reuters)
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(Reuters) – U.S. shared office space provider WeWork Cos has secured an additional $3 billion (2.3 billion pounds) in funding from Japan’s SoftBank Group Corp <9984.T>, according to an investor presentation seen by Reuters.

The latest funding was in the form of a warrant, under which SoftBank will pay WeWork $1.5 billion on Jan. 15 and the remaining on April 15.

WeWork in July said it had raised $500 million from investors, including Temasek Holdings <TEM.UL> and SoftBank Group Corp <9984.T>.

SoftBank was in discussions to buy a majority stake in WeWork, a source told Reuters in October.

(Reporting by Vibhuti Sharma in Bengaluru; and Angela Moon; Editing by Arun Koyyur)

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