New York (CNN Business)It took a lot longer than expected, but WeWork is finally set to go public through a merger with a special purpose acquisition company — and at a huge discount to what the startup was once worth.
WeWork announced Friday morning that is merging with BowX Acquisition, a blank check firm known as a SPAC, in a deal that values the office sharing company at $9 billion. The company was once valued at $47 billion, making it one of the most valuable unicorn startups in the world. But WeWork shelved plans for an initial public offering in 2019 after questions about corporate governance emerged, eventually leading to the ouster of controversial co-founder and CEO Adam Neumann.
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This is a developing story.
Source: edition.cnn.com
