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WeWork buys Chinese co-working company for $400M
Naked Hub was founded by Shanghai resort company
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.
Last year, WeWork acquired the coding school Flatiron School and invested in the women-only co-working company the Wing and the wave pool maker Wavegarden. [CMN] — Konrad Putzier