WeWork Turns to SPAC in Wake of Failed IPO Attempts

April 5, 2021

WeWork has been quiet for quite some time. After an announced, pushed back, and then ultimately failed IPO attempt, the company was hit particularly hard by the pandemic. WeWork began hemorrhaging money because of unfulfilled leases, with companies and individuals leaving in waves from its offices around the country, forcing the flexible office space aggregator to close own a slew of these spaces, indefinitely. 

But it hasn’t given up yet. WeWork has announced that it is turning towards a SPAC company to continue its move to become public through a merger with BowX Acquisition Corp, a SPAC company created by Bow Capital. 

We’ve been reporting on SPACs quite a bit in recent months, as more and more real estate platforms and proptech companies turn to SPACs in lieu of the traditional means of going public. 

The deal has been valued at around $9 billion and will offer WeWork $1.3 billion in cash to aid in its next growth phase.

April 5, 2021
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Cooperrocketacq
Rocket to Acquire Mr Cooper Mortgage Service for $9.4 Billion

Rocket Companies has announced a $9.4 billion all-share deal to acquire Mr. Cooper, the largest mortgage servicer in the United...

Read More
Scout24 German Houses 1
Scout24 Closes Another Data-Focused Acquisition

Germany-based marketplace operator Scout24 has continued its expansion into real estate data with the acquisition of Austrian proptech firm ImmoUnited....

Read More
People Roundup 28Mar 2
People Roundup: Aviv Group, Pisos.com, Kleinanzeigen, REA India, Anjuke

There have been several high profile C-suite moves in this week's People Roundup. We'll start in Europe...   Europe: Aviv...

Read More
Product Update 2025Mar28 3
Product and Services Roundup: Zoopla, ViewIt

This week's Product Roundup starts in the UK, where it's all about Zoopla...   UK: Zoopla's MyHome product is used...

Read More

Editor's Pick