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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

SoftBank Group Announces Settlement Agreement with Adam Neumann and WeWork Special Committee

February 26, 2021 GMT

TOKYO--(BUSINESS WIRE)--Feb 26, 2021--

SoftBank Group Corp. (“SoftBank”) today announced that it has entered into a settlement agreement with the Special Committee of the Board of Directors of WeWork Inc. (formerly referred to as The We Company) (“the Special Committee”) and WeWork’s founder, Adam Neumann. The terms of the settlement are confidential. When completed, the settlement agreement would resolve all claims brought in a lawsuit in the Delaware Court of Chancery, and is in the best interests of all parties.

“This agreement is the result of all parties coming to the table for the sake of doing what is best for the future of WeWork. SoftBank and WeWork have spent the past year transforming the WeWork business and executing on our plan towards profitability. With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world.” -- Marcelo Claure, Executive Chairman of WeWork, CEO of SoftBank Group International, and Corporate Officer, Executive Vice President and COO of SoftBank

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About SoftBank Group

The SoftBank Group invests in breakthrough technology to improve the quality of life for people around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TOKYO: 9984), an investment holding company that includes stakes in telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers; the SoftBank Vision Funds, which are investing up to US$100 billion to help extraordinary entrepreneurs transform industries and shape new ones; the SoftBank Latin America Fund, the largest venture fund in that region, and the SB Opportunity Fund, a US$100 million fund dedicated to investing in enterprises founded by entrepreneurs of color in the U.S. To learn more, please visit https://global.softbank.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20210226005699/en/

CONTACT: SoftBank

Sarah Lubman

sarah.lubman@softbank.com 

KEYWORD: JAPAN ASIA PACIFIC

INDUSTRY KEYWORD: BANKING LEGAL PROFESSIONAL SERVICES FINANCE

SOURCE: SoftBank Group Corp.

Copyright Business Wire 2021.

PUB: 02/26/2021 06:30 PM/DISC: 02/26/2021 06:30 PM

http://www.businesswire.com/news/home/20210226005699/en