In March of 2018, WeWork bought SEO firm Conductor for about $126 million in cash and stock as well as an undisclosed earn out. But based on the real estate company’s mismanaged IPO filing, The Information reported that Conductor (and two other WeWork acquisitions) are now up for sale.
The move comes immediately after the resignation of former WeWork CEO Adam Neumann with the intention of cutting costs and raising cash.
The other two businesses up for sale includes Meetup and Q. The three firms that are ups for sale cost a total of $500 million in cash and stock. WeWork has acquired 21 firms. A bulk of those concentrated in the last three years.
The report says that “has received tentative expressions of interest from potential buyers for the firms.” This process will be complete by early 2020. There is a possibility that one or more of the companies might be spun out “with new private investors” rather than being sold.