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WeWork gets $2 billion in new funds from SoftBank, changes name

WeWork gets $2 billion in new funds from SoftBank, changes name
FILE PHOTO - A guest attends the opening ceremony of WeWork Hong Kong flagship location in Hong Kong, China February 23, 2017. REUTERS/Bobby Yip/File Photo -
Bobby Yip(Reuters)
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(Reuters) - WeWork Cos Inc said on Tuesday it received $2 billion (£1.5 billion) in new funding from Japanese conglomerate SoftBank Group Corp <9984.T> in a deal that values the company at $47 billion.

The company also said in a statement that it plans to run its three distinct businesses under a new name, The We Company.

Its flagship WeWork business rents out office space, WeLive operates residences and WeGrow operates elementary schools and computer coding academies.

Softbank has invested than $10 billion in WeWork since 2017, the company said.

(Reporting by Angela Moon in New York and Vibhuti Sharma in Bengaluru; Editing by Jim Finkle and Jeffrey Benkoe)

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