SoftBank Group Corp said on Friday it has reached a settlement with WeWork's special committee and the company's co-founder and former chief executive, Adam Neumann, putting to rest a legal battle dating back to 2019.
FILE PHOTO: The logos of SoftBank and WeWork are displayed in front of SoftBank's new headquarters building in Tokyo, Japan September 9, 2020. REUTERS/Issei Kato
SoftBank, the new owner of the office-sharing firm, did not disclose terms of the settlement. Media reports earlier this week indicated the deal includes a nearly $500 million cut in Neumann’s payout from SoftBank. Under the new settlement, SoftBank will purchase around half the shares it had originally agreed to buy, a source familiar with the talks had told Reuters on Monday.