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		</div><p>WeWork is to go public in a merger with a special-purpose acquisition company, according to reports, nearly two years after its attempted initial public offering of shares disintegrated.</p>
<p>The flexible workspace firm is merging with BowX Acquisition in a transaction that would value the company at 9 billion dollars (£6.5 billion) plus debt, according to the Wall Street Journal.</p>
<p>That is far below the 47 billion dollar (£34 billion) valuation given the New York venture in September 2019 when WeWork’s IPO imploded after massive losses were revealed in regulatory filings.</p>
<p>WeWork would also raise 1.3 billion dollars (£940 million), the Journal reported, citing people familiar with the matter.</p>
<p>WeWork leases buildings and divides them into office spaces to sublet to members, which include small businesses, start-ups and freelancers who want to avoid laying out funds for permanent office space.</p>
<p>The company’s operating expenses were exorbitant and it became reliant on repeated cash infusions from private investors.</p>
<p>Chief executive and founder Adam Neumann, known for erratic behaviour as much as for his innovative vision, was pushed aside. He used some of his WeWork stock to secure a 500 million dollar (£363 million) personal loan prior to the IPO.</p>
<p>He also drew criticism after The We Company — WeWork’s recently renamed parent — paid him nearly 6 million dollars (£4.3 million) for the trademark “We”. He returned the money following a backlash.</p>
<p>Mr Neumann co-founded WeWork in 2010 with one shared office in Manhattan.</p>
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