Office-sharing company WeWork Cos. Inc. is in discussions to sell Managed by Q Inc., a workplace management technology platform it purchased eight months ago, Bloomberg News reported, citing people familiar with the matter.
A group of investors and executives, including the target company's co-founder and former Chairman Dan Teran, is trying to get the business back from The We Co. unit, Bloomberg said, citing the people, who added that negotiations are underway, with WeWork actively seeking a settlement.
Teran said he plans to run Managed by Q as a stand-alone business again, with the help of his management team.
WeWork did not immediately respond to an email seeking comment from Bloomberg.
A tentative price could not be ascertained. Managed by Q was valued at $249 million in a financing round in January, Bloomberg said, referencing a TechCrunch report that cited PitchBook data.
The sale may help WeWork improve its financial situation and refocus on its primary business, in line with a strategy to concentrate on sustainability and stability after receiving a revival loan from Softbank Group Corp., Bloomberg said.