Japan's SoftBank to invest $3 bn in WeWork: report
27 Feb 2017
Japan's SoftBank Group is close to making an investment said to be worth over $3 billion in US office-sharing startup WeWork, CNBC reported today.
The move comes as the group seeks to expand its reach beyond tech and telecoms.
In its recent acquisitions and investments, the Masayashi Son-led company had departed from its tech and telecoms investment strategy most notably with the recent acquisition of asset manager Fortress Investment Group (FIG). (See: Japan's SoftBank to acquire Fortress for $3.3 bn)
According to commentators, the move comes as SoftBank looks to cutting-edge tech investments, following the maturing of telecoms services markets.
Telecom firm SoftBank last year announced the creation of a tech investment fund with Saudi Arabia that could grow to $100 billion and make the group one of the world's largest private equity investors.
SoftBank was looking at a $2 billion primary tranche of funding in New York-based WeWork, which would be followed by the next worth over $1 billion, CNBC reported, citing an anonymous source.