Rentberry, a startup founded by Ukrainians, is preparing to acquire the bankrupt company WeWork. Its 100% business was valued at $550-650 million, but the exact amount will be known after a comprehensive review. The company informed AIN.UA about its intentions.
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The buyer will be either Rentberry or their subsidiary created to complete the transaction. For the acquisition, funds from partner venture funds will be raised along with their own capital.
The buyer does not assume any debt obligations and does not receive WeWork's cash balances.
“Our preliminary assessment assumes that the company (WeWork – ed.) will receive a normalized and appropriate level of working capital at the time of closing of the transaction. There will be no material liabilities other than those reflected in the annual financial statements or arising in the ordinary course of business since the date of the last annual financial statements,” the statement says.
Rentberry declares its readiness to immediately begin a comprehensive review, which will include commercial, accounting, tax, legal, insurance, operational, personnel, financial and other issues, as well as issues related to real estate.
After this, it may transaction to take place.
Rentberry expects to be able to complete the review and preparation of documentation within 60 days.
WeWork
WeWork is an American company that provides shared workspace for freelancers, employees of startups, small businesses and large corporations.
WeWork also designed and built physical and virtual coworking spaces and provided office services for individual entrepreneurs and companies.
WeWork filed for bankruptcy in November 2023. Previously, it was considered one of the most successful unicorns, reaching $47 billion, but after scandals surrounding former CEO Adam Newman, the company's shares fell by about 96%.
Rentberry
Rentberry , Inc. – an international long-term rental housing company based in Kyiv. The company was founded in 2015 by Alexey Lyubinsky and Liliya Ostapchuk.
