SoftBank may acquire Adam Neumann’s 25% stake in WeWork for US$480 million

A person familiar with the matter told CNBC’s Deidre Bosa that WeWork’s co-founder Adam Neumann and SoftBank are reaching a settlement agreement that would give the former CEO the right to pay $480 million The price paid him about 25% of the shares. The person familiar with the matter said that was half of the shares SoftBank had originally planned to buy.

If the transaction is finalized, SoftBank will purchase approximately $1

.5 billion in stock from early WeWork investors. The person familiar with the matter said the transaction will account for 10.5% of WeWork’s shares at a price of $19.19 per share, which is the initially agreed price. Neumann will continue to be the major shareholder of the company.

Sources said that SoftBank got in touch with Neumann when it was reported last month that WeWork was negotiating with SPAC, a subsidiary of Bow Capital Management.

The Wall Street Journal first reported on Monday the conversation between SoftBank and Neumann.