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WeWork's plan to sell stake in Indian unit collapses: Report
Inshorts
·
9m ago
Medial
Office-sharing firm WeWork's plan to sell a 27% stake in its Indian entity and exit the country has collapsed, the Economic Times reported. The deal, which involved WeWork India promoter Embassy Group acquiring the stake, reportedly fell through because of a valuation mismatch. This comes despite the plan receiving the approval of the Competition Commission of India.
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Related News
WeWork’s India Exit Deal Falls Through Amid Sector Revival
Inc42
·
9m ago
Medial
WeWork's plans to sell its stake and exit its Indian unit have fallen through due to a disagreement over valuation. The coworking company currently holds a 27% stake in the Indian unit, while the remaining 73% is owned by real estate company Embassy Group. WeWork had intended to sell its remaining stake in April through a secondary transaction worth INR 1,200 Cr.
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WeWork Inc’s plans fail to work out
Economic Times
·
9m ago
Medial
WeWork's plan to sell its 27% stake in WeWork India and exit the country has fallen through due to a valuation mismatch. The Competition Commission of India had previously approved the proposal, which would have seen WeWork and its partner, the Embassy Group, divest a total of 40% stake to new investors. WeWork India's CEO, Karan Virwani, is now in talks with 360 One to potentially buy some of the stake. This comes after rival coworking firm Awfis had a successful IPO in May, indicating a positive turn for the industry in India.
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CCI approves WeWork Inc's exit from India unit
Economic Times
·
1y ago
Medial
The Competition Commission of India (CCI) has approved WeWork Inc's plan to sell its entire 27% stake in its Indian coworking firm. This deal involves the Enam group family office, A91 Partners, and CaratLane founder Mithun Sacheti investing in WeWork India. WeWork Inc and Embassy Group, WeWork India's parent company, will sell about 40% of the coworking unit. This move marks WeWork Inc's exit from the Indian market. The Indian business of WeWork reported strong revenue growth and narrowed net losses in the past year.
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Billionaire Anant Yardi becomes WeWork's majority stakeholder
Inshorts
·
1y ago
Medial
Indian-origin Anant Yardi has become WeWork's majority stake owner after a US bankruptcy court approved the shared office space provider's bankruptcy plan, Financial Times reported. Yardi invested over $200 million in WeWork nearly two years ago. He recently committed an additional $337.5 million to counter an offer from ex-CEO Adam Neumann, who sought to regain control.
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How are Carlyle, Brighton Park faring after rethinking stake sale plan in Indian firm
VCCircle
·
1y ago
Medial
Private equity firms Carlyle and Brighton Park Capital have made changes to their plan to sell their stake in an Indian digital services provider for healthcare companies. The firms have reduced the amount of stake they plan to sell and are reevaluating their options. Carlyle and Brighton Park have been invested in the Indian company for three years and are now considering different strategies to monetize their investment.
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No plans to sell SUUTI stake in ITC, says DIPAM Secy
Livemint
·
1y ago
Medial
The Indian government has confirmed that it has no current plans to sell its stake in ITC, despite British American Tobacco (BAT) reducing its stake in the company through a block deal. As of December 31, 2023, the government's Specified Undertaking of Unit Trust of India (SUUTI) holds around 7.82% stake in ITC. BAT has announced plans to sell up to 3.5% stake in ITC to institutional investors, which will decrease BAT's shareholding to 25.5%. BAT has had a longstanding relationship with ITC since the early 1900s.
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Grapevine: ChrysCap nears deals for two dessert chains ; WeWork exit deal collapses
VCCircle
·
9m ago
Medial
ChrysCapital is reportedly finalizing deals to acquire dessert chains Theobroma Foods and Belgian Waffle Co. The deal, valued between Rs 3,200 crore and Rs 3,500 crore, may also involve the creation of a new investment platform. In other news, WeWork's exit deal has collapsed, marking a setback in the company's attempts to restructure.
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SoftBank likely to sell stake worth $150 million in India's Delhivery: report
Economic Times
·
1y ago
Medial
According to a report, SoftBank is planning to sell its stake worth $150 million in Indian logistics company Delhivery. The move is part of SoftBank's broader strategy to reduce its exposure to the Indian startup ecosystem as it faces financial challenges due to its investments in companies like WeWork. SoftBank is expected to sell the stake to a single buyer. Delhivery is one of India's largest logistics companies, providing services like last-mile delivery and warehousing.
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EQT’s plan to monetize India tech portfolio firm moves forward
VCCircle
·
9m ago
Medial
Swedish private equity firm EQT has received regulatory approval for its plan to partially monetize its investment in an Indian technology services company through an initial public offering (IPO). This comes after EQT acquired Baring Private Equity Asia in 2022 to expand its operations in the region. The firm aims to sell a portion of its stake in the Indian company through the IPO, bringing its plan closer to fruition.
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Multiples, Alpha Wave, VLCC, 360 One WAM, LEAD Group, NTPC, and Arohan in news
VCCircle
·
8m ago
Medial
Grapevine: Multiples Alternate Asset Management and Alpha Wave Global are making moves in the Indian market, while VLCC, 360 One WAM, LEAD Group, NTPC, and Arohan are also making headlines. Multiples and SHV Energy are looking to sell their stake in Indian assets, and Alpha Wave Global is in talks to acquire a stake in a beauty and wellness company. Meanwhile, LEAD Group and 360 One WAM plan to raise capital.
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