Update: The sale has been confirmed, but the specifics have not been released.

WeWork will acquire Naked Hub for $400 million, according to a source close to the deal, local media is reporting. The acquisition will be in settled in the combination of cash and equity. It is said that more details will follow as the two companies’ make their official announcement tomorrow. TechNode has reached out to WeWork and Naked Hub for comment but did not receive a reply before publishing.

The New York-based WeWork entered China and launched its first location in Asia back in 2016. The acquisition of naked Hub would be WeWork’s first major move in China, which shows the company’s ambition to dominate China’s booming and increasingly competitive co-working market.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.