SoftBank adds to financial burden with $10 billion WeWork deal
Share:
TOKYO (Reuters) - SoftBank Group Corp's financial strains escalated on Wednesday as it agreed to spend more than $10 billion (£7.8 billion) to take over office-space sharing startup WeWork, knocking the Japanese tech conglomerate's already weakened shares.SoftBank's total investment in the money-losing firm will rise to more than $13 billion to give it an 80% stake in, but not control of, WeWork, now valued at $8 billion.Shares in SoftBank Group fell 2.5% on Wednesday and have tumbled almost..