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Business deals

SoftBank takes 80% stake in WeWork with $9.5bn bailout

Japanese conglomerate will have majority economic interest but not voting control

SoftBank Group Chairman and CEO Masayoshi Son speaks at an earnings release in Tokyo. (Photo by Keiichiro Sato)

NEW YORK -- WeWork announced on Tuesday that it had accepted a $9.5 billion rescue package from Japan's SoftBank Group that would give its biggest investor an over 80% economic interest in the troubled office space company but not voting control.

The rescue package marks the end of an era for WeWork, which was forced to pull a planned public share offering last month and is now valued in the bailout at around $8 billion, versus the $47 billion that a fund-raising valued it in January.

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