Morrison & Foerster is representing SoftBank Group Corp. in connection with its recently announced agreement to provide significant funding to WeWork. The finance package, announced on October 22, 2019, includes $5 billion in new financing by SoftBank, as well as the launch of a tender offer by SoftBank of up to $3 billion for existing shareholders. Additionally, SoftBank will be accelerating an existing commitment to fund $1.5 billion.
MoFo previously represented SoftBank in its earlier investments into WeWork, which had totaled $6 billion. According to the companies, the new funding will provide WeWork with significant liquidity to execute its business plan to accelerate the company’s path to profitability and positive free cash flow.
The MoFo deal team is led by Tokyo managing partner Ken Siegel and San Francisco corporate partner Suz Mac Cormac, and includes San Francisco corporate associate Lee Johnston, San Diego corporate associate Shai Kalansky, Los Angeles real estate partner Thomas Fileti, and Palo Alto litigation partner Erik Olson.
Read the related press release.