Hot mergers & aquistions news; New York-based co-working space WeWork
is snapping up Shanghai-based naked Hub
for a cool USD 400 million according to Bloomberg
. Founded in 2015 by Grant Horsfield
as part of naked Group, which also owns resort chain naked Retreats, naked Hub's got like 16 locations open or under development in Shanghai alone.
Earlier this year, they announced ambitious plans to grow to at least 200 locations in Asia by 2020
, and they just launched their 15rmb-per-hour, pay-as-you-go naked Hub Go membership scheme
. However, there's speculation that times haven't been great recently; their last round of funding was announced in January but apparently the money hasn't materialized yet. At least that problem appears to have been solved. Update
: A press release
suggests that naked Hub isn't expecting any massive changes in direction.