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SoftBank would buy about 25% of Adam Neumanns stake in WeWork for $480 million under proposed settlement – CNBC

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https://www.cnbc.com/2021/02/22/softbank-may-buy-25percent-of-adam-neumanns-wework-stake-for-480-million.html

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Adam Neumann, CEO of WeWork.

Eduardo Munoz | Reuters

WeWork co-founder Adam Neumann and SoftBank are nearing a settlement agreement that would entitle the former CEO to a payout of $480 million for approximately 25% of his shares in the company, a person familiar with the matter told CNBC’s Deirdre Bosa. That is half as many shares as SoftBank originally intended to buy, this person said.

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Should a deal be finalized, SoftBank would purchase approximately $1.5 billion of shares from early WeWork investors. The deal would represent 10.5% of WeWork shares, with the price at $19.19 per share, which is the price that was initially agreed upon, the person said. Neumann would remain a major shareholder in the company.

SoftBank reached out to Neumann following a report last month that WeWork was in talks to combine with a SPAC affiliated with Bow Capital Management, the source said.

Talks between Softbank and Neumann were first reported on Monday by the Wall Street Journal.

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