TOKYO: SoftBank Group Corp. has reached a settlement in a US legal dispute with directors of office space-sharing venture WeWork Inc. and its founder Adam Neumann, the Japanese technology company said Saturday.
The terms of the settlement in the Delaware Court of Chancery were not disclosed. The statement said the agreement was not yet final. Other details were not immediately available.
The wrangling began more than a year ago after SoftBank acquired shares in WeWork, which was suffering after its failed IPO. But some investors and Neumann were not satisfied with the monetary deals offered by SoftBank.
“With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world,” said Marcelo Claure, executive chairman of WeWork and SoftBank Group International chief executive.
Tokyo-based SoftBank is a majority shareholder in WeWork, whose bumpy results, especially amid the coronavirus pandemic, has dented SoftBank’s financial results.
SoftBank says WeWork holds potential, especially in markets like Japan, where office space is costly and workers’ commutes tend to be long. SoftBank also invests in artificial intelligence, Internet services, sustainable energy and IoT.
SoftBank says deal reached with WeWork founder, directors
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SoftBank says deal reached with WeWork founder, directors
- Tokyo-based SoftBank is a majority shareholder in WeWork, whose bumpy results, especially amid the coronavirus pandemic, has dented SoftBank’s financial results
- SoftBank says WeWork holds potential, especially in markets like Japan
Middle East Sports Investment Forum concludes 2nd day with a package of investments in the sports sector announced
RIYADH: The Middle East Sports Investment Forum, in partnership with the Ministry of Investment, the Ministry of Sports, and Sela Co., a subsidiary of the Public Investment Fund, and with the support of Invest in Saudi Arabia, concluded its second day at the Kingdom Arena with the announcement of a package of strategic investments and partnerships.
These initiatives reflect the rapid growth of the sports sector in Saudi Arabia and underscore its increasing attractiveness to local and international investors.
The second day witnessed the announcement of several strategic agreements and alliances across various fields.
Among the most prominent was the launch of specialized industrial investments in manufacturing components for sports stadium infrastructure. This will contribute to localizing supply chains and enhancing local content within the sports sector.
Partnerships in the field of sports medicine were also announced during the forum. These aim to transfer advanced medical expertise, develop healthcare services for athletes, and improve the efficiency of the healthcare system supporting the sports sector in the Kingdom.
The announcements also included collaboration in the field of temporary sports facilities and construction to support the Kingdom’s readiness to host major sporting events and championships and elevate the efficiency of the sector’s resilient infrastructure.
The partnerships also seek to invest in sports technology, including digital solutions, performance analytics, and technological innovation, as well as expanding sports marketing, supporting clubs and events, and building sports brands.
The forum also included the formation of strategic alliances to develop specialized programs in a number of diverse sports, contributing to broadening the base of participants, raising the level of professionalism, and developing sporting talent.
Participants affirmed that these announcements reflect the high confidence in the Saudi sports market and the Kingdom’s growing role as a regional and global hub for sports investment, supported by its advanced infrastructure, market size, and the diverse opportunities offered by Vision 2030.
The Middle East Sports Investment Forum is a strategic platform for connecting investors and decision-makers, stimulating long-term partnerships, and accelerating the growth of the sports economy in the Kingdom and the region.
