SoftBank to Seek U.S. National Security Review of WeWork Deal

Japanese conglomerate SoftBank Group Corp. plans to seek approval of its WeWork bailout package with a U.S. government committee that reviews corporate deals for national security risks. SoftBank will file in the coming weeks with the Committee on Foreign Investment in the U.S., or Cfius, according to a person familiar with the plans who asked not to be identified discussing private information.

On Tuesday, the board of WeWork parent We Co. reached an agreement with SoftBank to effectively take over 80% of the company, in a deal that included an offer to buy $3 billion of existing shareholders’ stock. The move was part of an effort to shore up the finances of New York-based WeWork, which was on track to run out of money as soon as next month.