New York-based coworking space WeWork is in talks to acquire 70 percent the India unit for approximately $1.9 billion, Bloomberg said. The deal would allow the company to consolidate the financial results as it prepares for an initial public offering this year. The India unit is expected to expand up to 90,000 seats by March next year.
India is one of WeWork’s fastest growing markets comprising 35,000 seats in more than 20 locations over 18 months after the launch. The India unit is valued at nearly $2.75 billion. The coworking space has companies such as Microsoft and Amazon in Bangalore, Spotify Technology in SA and Bumble in Mumbai.
Adam Neumann, co-founder and chief executive officer expressed his interest to improve the company’s finances, in addition to the creation of an investment fund to purchase stakes in buildings that it will occupy, according to Bloomberg.
Founded in 2010, WeWork was last valued at $47 billion. The company started the trend of shared work spaces, creating 425 office locations in 36 countries.