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Photo by Sargent Seal / Unsplash

Tokyo, Japan - SoftBank Corp. announced that it will acquire the business operations of WeWork Japan through its wholly-owned subsidiary. 

Today, WeWork Japan filed for bankruptcy protection and civil rehabilitation with the Tokyo District Court.

As part of the acquisition process, WeWork Japan is seeking a sponsor-type reorganization with SoftBank as the sponsor. The two companies signed a letter of intent to this effect today.

After the acquisition, the entire business of WeWork Japan will be transferred to "WWJ Corp." a new wholly owned subsidiary of SoftBank, through an absorption-type split. 

This is expected to be completed by April 2024, subject to the approval of the trustees of WeWork Japan and the court, as well as the approval of related parties.

Business-related obligations, including rehabilitation claims, will continue to be paid by WeWork Japan before the absorption-type split and by WWJ Corp. after the split. 

This includes rent for properties currently leased by WeWork Japan.

During the acquisition process, there will be no change in service levels or contractual terms for members using or planning to use WeWork Japan spaces. 

Services will continue as before.