Insight Partners Invests in PIPE Transaction as Part of $9 Billion WeWork SPAC Merger with BowX Acquisition Corp.

March 29, 2021

Willkie represented investor Insight Partners in the transaction.

WeWork, a leading flexible space provider, and BowX Acquisition Corp. (NASDAQ: BOWX, BOWXU and BOWXW) (“BowX”), a special purpose acquisition company, announced that they have entered into a definitive merger agreement, providing for a business combination that will result in WeWork becoming a publicly listed company. The transaction values WeWork at an initial enterprise value of approximately $9 billion. WeWork will receive approximately $1.3 billion, including a fully committed $800 million private placement investment with key investors including Insight Partners, funds managed by Starwood Capital Group, Fidelity Management & Research Company LLC, Centaurus Capital, and funds and accounts managed by BlackRock.

WeWork’s platform and global network position the company as a leader in flexible space, ideally situated to serve the multi-trillion dollar office space market and the future of work

The transaction will be funded with BowX’s $483 million of cash in trust in addition to a fully committed $800 million private placement investment at $10.00 per share led by leading investors including Insight Partners, funds managed by Starwood Capital Group, Fidelity Management & Research Company LLC, Centaurus Capital, and funds and accounts managed by BlackRock.

The Willkie team was led by partners Morgan Elwyn and Eric Halperin with assistance from partner Christopher Peters, associate Andrew Marmer and law clerk Connor McMillan.