WSJ reported this morning that, according to sources, BowX Acquisition Corp (BOWX) will take WeWork public via SPAC merger at a valuation of $9 billion including debt. The deal would have a PIPE of $800 million from Insight Parters, StarWood Capital, and Fidelity Management. The WSJ first reported this as a possibility back in January.
The deal would be coming at an interesting time. The overall SPAC market is under intense downward pressure and BOWX just started trading under $10 earlier this week.
Official details aren't know yet, but it is unlikely that a WeWork / SPAC deal will do much to support the overall SPAC market. Last night the SPACtwits noted how Jeb Bush getting into SPACs -- he filed for a healthcare-focused SPAC called Jackson Acquisition w/ a $300 million IPO -- was yet another bad sign for the market. A a WeWork / BOWX deal would likely take over as the current SPACs have "jumped the shark" sign.