Gladstone Place Partners represents WeWork as it inks a SPAC deal with BowX Acquisition Corp to pave the way for the flexible space provider to go public.
The deal puts $9B enterprise valuation on WeWork and provides it with $1.3B to fund future growth plans.
WeWork CEO Sandeep Mathrani said WeWork spent pandemic year 2020 “transforming the business and refocusing its core” and the COVID-19 outbreak-flexible work schedules proved that its value proposition is stronger than ever.
During 2020, WeWork slashed SGA expenses by $1.1B, exited non-core businesses, exited from underperforming locations, achieved rent reductions, and sliced 67 percent of its workforce. It posted a flat $3.2B revenues for the year.
WeWork has more than 850 locations in 150 cities, totaling more than 1M workstations.
Gladstone Place's Lauren Odell and Felipe Ucros handle WeWork's deal.