Growing co-working giant WeWork as acquired Chinese competitor Naked Hub, according to CNBC:

  • Neither company disclosed details of the transaction, but one report put the value of the deal at $400 million.
  • Naked Hub was established in 2015 by developer Grant Horsfield as part of luxury resort firm Naked Group.
  • WeWork CEO Adam Neumann said the deal was part of incorporating cities into the working space, as well as buildings.

WeWork faces competition from the likes of Belgian firm Regus and U.S. firm Carr. There are also several apps in the market that let workers find office space through an on-demand service, according to the article.