WeWork continues its acquisition spree, paying $400 million for the Chinese co-working company Naked Hub.
Most of the acquisition price will be paid in shares, Bloomberg reported. Naked Hub was founded by Shanghai-based luxury resort operator Naked Group in 2015 and has 46 locations across Asia. In January, Naked Hub bought a 70 percent stake in the Australian co-working company Gravity, according to China Money Network.
WeWork began expanding into China in 2016, initially without a partner. The Naked Hub acquisition should boost its profile in the country as it competes with Ucommune, the Chinese co-working company formerly known as UrWork.