TOKYO/HONG KONG/BENGALURU (Feb 27): Japan's SoftBank Group Corp is close to making an investment in U.S. office-sharing startup WeWork expected to be worth over US$3 billion, CNBC reported on Monday, as it expands its reach beyond tech and telecoms. SoftBank is looking at a US$2 billion primary tranche of funding in New York-based WeWork, followed by a secondary round worth more than US$1 billion, CNBC reported, citing an anonymous source. The company could increase the size of the secondary investment to nearly US$2 billion for a total investment of almost US$4 billion, CNBC added. The deal valued WeWork at US$16.7 billion, Hony said — less than that reported by CNBC, but still making it among the world's most valuable startups. Son also promised a US$50 billion investment and 50,000 new jobs in the United States, after meeting U.S. President Donald Trump in early December.

Source: The Edge Markets February 27, 2017 02:37 UTC