Deal will help accelerate expansion in Asia
WeWork has acquired Chinese co-working startup Naked Hub for around $400 million, according to Bloomberg. This signifies WeWork’s strategic expansion to Asia.
The Backdrop: The main chinese rival in the co-working space is Ucommune. The firm was formerly known UrWork before WeWork sued over trademark claims.
Why it matters: When Softbank invested $4.4 billion at a $20 billion valuation, these are the investments they had in mind. Good deal.