WeWork's stake was bought by a range of previous and new investors at a valuation of $165 million. Other than purchasing WeWork's stake, investors also provided an additional $15 million through a convertible bond, which will convert when the company raises more capital and hits a $365 million valuation. These two transactions combined valued The Wing around $200 million.
"Our investors were able to take advantage of a unique and unexpected opportunity with WeWork. They doubled down on their commitment to the company by increasing their ownership and putting an additional $15 million in new capital that will help us grow and scale," a spokesperson for The Wing told Business Insider. They declined to give any further comment on the deal.
WeWork recorded a $17 million loss from the transaction, according to the Bloomberg report. WeWork declined to comment to Business Insider. WeWork is in the process of slashing jobs and shuttering or selling several non-core investments. Earlier this week,