All the details of SoftBank’s WeWork takeover: SoftBank will own 80% of WeWork, Neumann steps down, and SoftBank invests billions. The new chairman will address employees on Wednesday.

SoftBank on Tuesday night announced a deal to take over WeWork.The rescue plan, which comes weeks before WeWork was set to run out of money, includes a capital infusion and stock buyback from the Japanese investor.Marcelo Claure, SoftBank’s chief operating officer, will become executive chairman of WeWork’s board. Three sources told Business Insider that Claure…

All the details of SoftBank’s WeWork takeover: SoftBank will own 80% of WeWork, Neumann steps down, and SoftBank invests billions. The new chairman will address employees on Wednesday.

SoftBank on Tuesday night announced a deal to take over WeWork.The rescue plan, which comes weeks before WeWork was set to run out of money, includes a capital infusion and stock buyback from the Japanese investor.Marcelo Claure, SoftBank’s chief operating officer, will become executive chairman of WeWork’s board. Three sources told Business Insider that Claure would address the company at an all-staff meeting on Wednesday morning.For more WeWork stories, click here.SoftBank on Tuesday formally announced a plan to rescue WeWork.The deal ends a tumultuous 10 weeks for the office-rental company — which filed in mid-August for an initial public offering that was ultimately shelved — and for its largest investor.The plan sees SoftBank invest $5 billion in new financing, buy back up to $3 billion of stock, and accelerate a planned $1.5 billion investment. The Japanese investor will own about 80% of WeWork after the deal closes. Because SoftBank won’t hold a majority of voting rights, WeWork will be a SoftBank associate instead of a subsidiary.”It is not unusual for the world’s leading technology disruptors to experience growth challenges as the one WeWork just faced,” SoftBank CEO Masayoshi Son said in the Tuesday statement. “Since the vision remains unchanged, SoftBank has decided to double down on the company by providing a significant capital infusion and operational support.”Marcelo Claure, SoftBank’s chief operating officer, will take the cofounder Adam Neumann’s position as chairman, and the board will add more members. Neumann will become a board observer, which means he won’t have vo
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