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WeWork Exits Minority Stake in The Wing
As The Wing prepares to open its second Brooklyn location in Williamsburg, WeWork has completed the sale of its minority stake in the network of work and community spaces for women. The stake was acquired by a consortium of new and existing investors in The Wing.
WeWork also completed the sale of Teem, a developer of cloud-based meeting space and analytics solutions, to iOFFICE. The company didn’t disclose financial terms of either transaction.
“Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day,” said WeWork co-CEO Artie Minson. “These sales mark the latest progress in WeWork’s evolution, and allow our talented team to focus on the core business and delivering an exceptional experience for our members.”
The company is winding down or selling other non-core businesses, including Meetup and Managed by Q.
Pictured: The Wing facility in Dumbo.
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- ◦Sale/Acquisition
