The Japanese conglomerate SoftBank does not take over shares of $ 3 billion (2.7 billion euros) in shares from the investors behind office rental company WeWork. SoftBank reported this on Wednesday.
Among other things, the group cites WeWork's problems in China to put an end to the deal. SoftBank also mentions the investigations into WeWork and the spread of the coronavirus.
As a company, WeWork is particularly sensitive to the consequences of the corona virus. For real estate owners, the group rents office space to smaller companies. They drop out because staff are at home and the economy is in dire straits.
The agreement that is now being broken, was drawn up at the same time as the emergency package that SoftBank deployed for WeWork last year. SoftBank then invested billions in WeWork after a planned IPO fell and the office landlord ran into money.