Adam Neumann, CEO of WeWork.
Eduardo Muñoz | Reuters
WeWork co-founder Adam Neumann and SoftBank are approaching a liquidation deal that would entitle the former CEO to a $ 480 million payment for about 25 percent of his company shares, he said. to CNBC’s Deidre Bosa a person familiar with the matter. This is half of the shares that SoftBank originally intended to buy.
Should an agreement be finalized, SoftBank would acquire approximately $ 1.5 billion in shares from WeWork’s first investors. The deal would account for 10.5% of WeWork shares, priced at $ 19.19 per share, which is the price initially agreed, the person said. Neumann would remain a major shareholder in the company.
SoftBank contacted Neumann after a report last month that WeWork was in talks to combine it with a Bow Capital Management-affiliated SPAC, the source said.
Talks between Softbank and Neumann were reported Monday by the Wall Street Journal.