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.

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