Adam Neumann, WeWork's co-founder and ousted chief executive, met in November with the head of the special purpose acquisition company that would go on to clinch a deal with WeWork, according to people familiar with the matter.Neumann was locked in a fierce legal battle at the time with SoftBank over a US$3 billion deal for a portion of his and other investors' stake in the office space-sharing company.
Ranadivé's SPAC had been looking for an acquisition target after raising US$420 million in an IPO in August.The ensuing deal announced on Friday cushions some of the blow SoftBank has suffered with its investment in WeWork. It has invested at least US$18.5 billion in WeWork since 2017, including US$6 billion when a fundraising round valued the startup at US$47 billion in January 2019.
The Japanese tech investment giant pushed for his ouster before it took over WeWork in a US$10 billion rescue financing deal in October 2019. It later backtracked on an agreement to buy US$3 billion of WeWork shares from Neumann and other investors, citing criminal and civil investigations into WeWork, the company's failure to restructure a joint venture in China, and the shift to remote work due to the COVID-19 outbreak.
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