WeWork to buy Common Desk, boosting presence in Texas, North Carolina
WeWork (NYSE:WE) will acquire Common Desk, a flexible workspace provider based in Dallas, Texas, that serves 4,000 customers at 23 locations across 13 cities in Texas and North Carolina.
WeWork (WE) calls the move its latest step toward cost-efficient, strategic growth. Terms of the deal, which is expected to close in March, weren't disclosed.
The company said it was attracted to Common Desk's strategic management agreements with landlords that have enabled the company to perform at strong margins by minimizing capital expenditures.
"Common Desk presented itself as a sophisticated operator with a compelling approach to providing a top notch member experience without sacrificing strong margins or an exceptional product," said WeWork (WE) CEO Sandeep Mathrani.
Note that in December, WeWork (WE) received an extension on $1.75B of credit commitments.