WeWork in talks to sell off Managed by Q to free up some cash

Managed by Q was valued at $249M in January

TRD NATIONAL /
Dec.December 11, 2019 12:49 PM
WeWork's Artie Minson and Managed by Q's Dan Teran 

WeWork’s Artie Minson and Managed by Q’s Dan Teran

WeWork is in talks to the sell the biggest acquisition it made in its free-spending days.

The co-working company is in discussions to sell the workplace management company Managed by Q to a group including one of the company’s co-founders, Bloomberg reported. It’s one of three companies WeWork put on the chopping block as it looks to cut costs.

Co-founder and former chairman Dan Teran is working with a group of investors and executives to buy the company just about eight months after WeWork acquired it.

The deal could free up cash for WeWork as it tries to focus on the core of its business. To stave off a bankruptcy, WeWork’s biggest investor SoftBank recently provided a $9.5 billion rescue package. This week, Goldman Sachs arranged a $1.75 billion line of credit to WeWork and SoftBank.

During a panel in Abu Dhabi on Wednesday, Teran said he is “actively working to buy back my company.”

Managed by Q was valued at $249 million in January following a new funding round, according to a report citing PitchBook data. It wasn’t clear how much the company is being valued at now in the negotiations between WeWork and Teran. [Bloomberg] – Rich Bockmann

 

Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

WeWork’s side businesses are fizzling

Sarah Pontius (Credit: Union College)

Another head rolls at WeWork

Knotel CEO Amol Sarva (Credit: iStock)

Knotel lays off up to a third of its New York-focused staff: sources

Jason Lund (Credit: Colliers, iStock)

Laid off WeWork exec Jason Lund lands at Colliers

WeWork co-CEOs Sebastian Gunningham and Artie Minson (Credit: Getty Images, iStock, Twitter)

WeWork lease-signing sinks to five-year low in New York

Adam Neumann (Credit: Getty Images)

Adam Neumann’s next bet? Mortgage servicing

WeWork CCO Miguel McKelvey  and 18 West 11th Street (Credit: Getty Images and Google Maps)

WeWork’s Miguel McKelvey lists townhouse for $21M

arrow_forward_ios
Loading...