Chinese co-working space company Urwork has agreed to merge with peer New Space, a Beijing-based incubator and co-working space firm. The transaction is the first merger deal in the crowded co-working industry in China.
After dozens of start-ups moved into co-working space in the hope to become China's answer to co-working space giant WeWork, the largest Chinese co-working space operator UrWrok inked the transaction to consolidate an over-saturated market and to better counter WeWork's foray into China.
The combined company, once the deal gets completed, will be valued at RMB9 billion (US$1.3 billion), minting a new unicorn, a term used to describe a private company with valuations of US$1 billion or more.
The combined company will have over 100 locations in 24 cities globally including Beijing, Shanghai, Guangzhou, New York and Lon...
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