SoftBank cancels $3 billion deal for additional WeWork Shares

Japan’s SoftBank Group Corp pulled out of a deal to buy an additional $3 billion worth of shares from the shared workspace provider WeWork, according to a statement from the U.S.-based company’s special committee of the board on Wednesday. 

The deal had been agreed upon by SoftBank since October 2019, the special committee of WeWork’s board said, adding that it was “disappointed” by the development.  

WeWork’s committee said that it will assess the company’s legal options which include litigations and will remain committed to reaching a solution.

Reuters reported in March that SoftBank had signaled to cancel buying additional shares as it had found that the U.S. firm had yet to meet the conditions for the deal.

A SoftBank spokesperson declined to comment.