Debevoise & Plimpton is advising Hony Capital in its investment in WeWork Companies. The deal values the company at approximately $16 billion, and constitutes the company’s sixth funding round.

The transaction reached initial close on March 8, 2016 with Hony Capital as the lead investor in the approximately $430 million round of financing.

Hony Capital, founded in 2003 and sponsored by Legend Holdings Corporation, specializes in private equity investment. As a China expert and company builder, Hony Capital currently manages seven private equity funds two mezzanine funds with more than RMB48 billion assets under management.

WeWork is a U.S.-based company which provides shared workspace, community, and services for entrepreneurs, freelancers, startups and small businesses, and has more than 40,000 members in 23 cities across the globe.

The Debevoise team advising Hony Capital is led by Hong Kong based partner William Y. Chua and associates Parveet Singh Gandoak and Jayne C. So, and also included partners Andrew M. Ostrognai and Gary W. Kubek, counsel Kyra K. Bromley, and associates Mai T. Shapiro and Serena K. Tan.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.