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Deals & Dealmakers

WeWork sells stake in The Wing

WeWork has completed the sales of Teem and its minority stake in The Wing.

The divestitures follow the December sale of Conductor and are part of WeWork’s strategy to focus on its core workspace business.

ARTIE MINSON

“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 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.”

WeWork’s minority equity stake in The Wing, a network of work and community spaces designed for women, was acquired by a consortium of new and existing investors in The Wing.

Teem, a developer of cloud-based meeting space and analytics solutions, was acquired by iOFFICE, a leader in digital workplace experience solutions.

Commenting on the deals, Minson said: “Working with leaders at Teem and The Wing throughout the sales process, we believe these strategic transactions will position the businesses for long-term success. I look forward to following their continued growth and achievements.”

The terms of the transactions were not disclosed.

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