SoftBank has pulled out of a $3bn deal to buy shares in WeWork as part of a multibillion-dollar lifeline to save the property group from insolvency.

In a statement released on 2 April, the tech giant said the startup’s failure to meet several conditions led to its final withdrawal from the deal that was agreed last October. These included WeWork’s failure to recapitalise a poor joint venture in China, criminal and civil investigations, and a lack of strategic planning to prevent the impact of the Covid-19 on the business.