Blackrock Inc.

NYSE:BLK  
874.29
+7.19 (+0.83%)
Exchange Changes, Earnings Announcements, Mergers / Acquisitions

WeWork To Become Publicly Traded Via SPAC Merger With Bowx Acquisition

Published: 03/26/2021 11:33 GMT
Blackrock Inc. (BLK) - Wework to Become Publicly Traded Via Spac Merger With Bowx Acquisition Corp.
Says Transaction Values Wework at an Initial Enterprise Value of Approximately $9 Billion.
Says Transaction Implies a Pro Forma Initial Enterprise Value of Approximately $9 Billion for Wework.
Says Transaction Will Provide Wework With About $1.3 Billion of Cash Which Will Enable the Company to Fund Its Growth Plans Into the Future.
Says Enterprise Companies Now Make Up More Than 50% of Wework's Memberships, Up From Just 10% in 2015.
Says Going Forward, Co Intends to Expand Beyond Its Core Business Through Its on Demand, All Access, and Platform Offerings.
Says Deal to Be Funded With Bowx's $483 Million of Cash in Trust in Addition to a Fully Committed $800 Million Private Placement Investment.
Says Has a $4.0 Billion Total Sales Pipeline and an Estimated $1.5 Billion in Committed 2021 Revenue.
Says Deal Will Be Funded With Bowx’s $483 Million of Cash in Trust and Fully Committed $800 Million Private Placement Investment at $10.00 per Share.
Says $800 Million Private Placement Investment Led by Insight Partners, Funds Managed by Starwood Capital Group, Fidelity Management & Research Company Llc.
Says After Deal Closes, Representatives of Softbank Group, Softbank Vision Fund Will Comprise a Minority Number of the Nine Board Seats.
Says $800 Million Private Placement Investment Also Led by Centaurus Capital, and Funds and Accounts Managed by Blackrock.
Revenue is expected to be $4.57 Billion
Adjusted EPS is expected to be $9.23

Next Quarter Revenue Guidance is expected to be $4.74 Billion
Next Quarter EPS Guidance is expected to be $9.74

More details on our Analysts Page.