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 12:51 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
Kimberly Ross (Credit: Chubb)

WeWork taps oil exec as new CFO

Former WeWork CEO Adam Neumann (Credit: Getty Images, iStock)

WeWork founder scrambled for $100M loan before $1.7B bailout

SoftBank to take control of WeWork at less than $8B valuation

SoftBank to take control of WeWork at less than $8B valuation

Compass CEO Robert Reffkin and WeWork's Adam Neumann 

Like WeWork, Compass touts tech and culture. Are the companies different enough?

Marcelo Claure and Softbank CEO Masayoshi Son (left) (Credit: Linkedin, iStock, Pixabay)

SoftBank’s problem solver faces his biggest challenge yet: WeWork

WeWork co-CEOs Artie Minson, Sebastian Gunningham and Jones CEO Omri Stern (Credit: LinkedIn)

WeWork is investing again with fundraise for proptech

WeWork's Artie Minson, Miguel McKelvey, and Sebastian Gunningham (Credit: Getty Images)

Reassurances, apologies and layoffs: Inside WeWork’s first all-hands post Neumann

General view of WeWork Weihai Road in Shanghai (Credit: Getty Images)

WeWork considers freezing China expansion plans

arrow_forward_ios
Loading...