ZhongYin Assists UCOMMUNE in Acquiring WEDO Union
Author： Zhong Yin Law Firm
On March 26, 2018, UCOMMUNE and WEDO Union jointly announced that the parties had entered into a memorandum of understanding on strategic merger and would complete the follow-up procedures in the coming month. After the consummation of the deal, UCOMMUNE will work with WEDO Union to create the first sharing office platform in Guangdong-Hong Kong-Macao Greater Bay Area with a base in Shenzhen, and facilitate the healthy growth of the innovative economy in Guangdong-Hong Kong-Macao Greater Bay Area.
Following the acquisition of WOO SPACE by UCOMMUNE, the team led by Yan Penghe, a senior partner of ZhongYin (Beijing), once again represented UCOMMUNE exclusively on further acquisition. The team, which has extensive experience in M&A in the sharing office industry, found and analyzed common bottlenecks and difficulties in this industry in a short time, helped both parties identify the legal risks in the deal, and provided solutions to them.
As a leader in China's sharing office industry, UCOMMUNE has officially completed its C-round capital raising, with a valuation of nearly 11 billion yuan. It has built 160 sharing offices in 35 cities around the world and is still further expanding its influence as an independent school in the sharing office industry. UCOMMUNE has completed the M&A of two famous sharing office operators. It acquired 100% equity in NewSpace on January 3, 2018, and acquired WOO SPACE on March 9, 2018, realizing real mega-merger in line with the development trend of the industry. The acquisition of WEDO Union was the third M&A conducted by UCOMMUNE in 2018.
WEDO Union is a national co-working space, and it is also the NEEQ start-up incubator established by Xue Manzi, one of the top 10 sharing-office brand in China, and one of the first exemplary co-working spaces in Shenzhen.
After the acquisition, UCOMMUNE will continue to spread its strategic layout in South China, create deeper links over South China with its global high-quality resources, strive to create a big brand in the sharing office industry in Guangdong-Hong Kong-Macao Greater Bay Area, and jointly empower the Chinese innovators.
－Chairman of Management Committee