WeWork acquires Chinese rival Naked Hub

WeWork Weihai Lu commons in Shanghai, China. Photo: WeWork

WeWork is buying Naked Hub, a Chinese office co-working company and part of Naked Group, CEO Adam Neumann said in a blog post. Bloomberg pegs the acquisition price at $400 million, mostly in stock.

Why it matters: The purchase follows two WeWork trends — international growth, especially in Asia, and an acquisition spree. WeWork first opened offices in China in 2016, and last year set up a Chinese entity, bankrolled by SoftBank and Hony Capital, to expand its presence in the country.