WeWork Sells Its Stake in Women-Focused Co-Working Startup the Wing

(Bloomberg) -- WeWork has sold its minority stake in the female-focused co-working startup the Wing, part of parent company We Co.’s efforts to re-focus on its main office-sharing business.

The company had been exploring the sale since last year, Bloomberg previously reported, following the theatrical dissolution of its plans for an initial public offering and the ouster of its chief executive officer, Adam Neumann.

“Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day,” Co-CEO Artie Minson said in a statement.

A group of investors purchased WeWork’s stake in the Wing. The group included GV, formerly Google Ventures, as well as existing investors Sequoia Capital and NEA. The Wing also said it had added actress Mindy Kaling as an investor, adding her to a list of backers that also includes athletes Serena Williams and Megan Rapinoe. Fortune earlier reported some details of the sale.

“In three years, the Wing has grown from a single location to a global community of women,” co-founder and CEO Audrey Gelman said in a statement.

In addition to divesting its stake in the Wing, WeWork said it would sell Teem, a cloud services developer, to iOFFICE, a facility management software company. It also said it was in the process of selling Meetup, a website used to create online groups for in-person events, and Managed by Q, a workplace management platform.

On Wednesday, the company also said it is expecting a $1.75 billion credit line from Goldman Sachs Group Inc. that it secured in December to become available within the coming weeks.

To contact the reporter on this story: Nikitha Sattiraju in New York at nsattiraju@bloomberg.net

To contact the editors responsible for this story: Molly Schuetz at mschuetz9@bloomberg.net, Anne VanderMey, Jillian Ward

©2020 Bloomberg L.P.