WeWork Sells Control of China Business in $200 Million Deal
- Trustbridge Partners will be majority owner of WeWork China
- WeWork will retain a minority stake, branding will remain
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WeWork is selling a majority stake in its China business as the co-working giant continues to pare down its expenses, the company said Wednesday.
Trustbridge Partners, an existing investor in WeWork’s China subsidiary, has invested an additional $200 million and now owns more than half of the business, WeWork said. WeWork parent We Co. is giving up operating control of the unit, but will continue to get an annual service fee in exchange for the use of the WeWork brand and services, the company said.