WeWork buys Naked Hub for $400 million

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.