This post was originally published on this site
(Reuters) – Shared workplace operator WeWork said on Wednesday it sold cloud and analytics services provider Teem to digital workplace solutions provider iOFFICE, as it offloads non-core businesses after a botched initial public offering last year.
WeWork also sold a minority stake in The Wing, a community space provider designed for women, to a consortium of existing and new investors.
The company did not reveal the financial terms of the transactions.
The money-losing office space operator is under pressure to cut costs after it pulled its IPO last year and saw a steep plunge in valuation to less than $8 billion from $47 billion.
WeWork also said it was in the process of selling other non-core ventures such as Meetup and Managed by Q.
The company said it has wound down restaurant co-working startup Spacious and will shutter Manhattan-based private school WeGrow at the end of the 2020 school year. In December, WeWork sold Conductor, a content marketing technology company.
WeWork secured a $1.75 billion credit line with Goldman Sachs (N:) in December. The facility is expected to be available within the coming weeks, the company said.
However, a separate deal to secure $3 billion from Japan’s three biggest banks has stalled as the lenders have hit internal limits, complicating a $9.5 billion rescue package for WeWork, Reuters reported in December.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
