News That Matters

Tag: WeWork

Regus-owner IWG targets WeWork with £3bn US float

Regus-owner IWG targets WeWork with £3bn US float

Business
By Mark Kleinman, City editor The tycoon who founded International Workplace Group (IWG), the world's largest shared office provider, is hatching a secret plot to spin off its US business into a separately listed company in New York.Sky News has learnt that Mark Dixon, IWG's chief executive, is in talks with investment banks about creating a standalone business that would become a publicly traded rival to WeWork, the US unicorn targeting a valuation of about $ 50bn when it floats in the coming weeks. Image: Mr Dixon is plotting to rival to WeWork in America IWG is understood to have told bankers that it will only hire them if they have no role in WeWork's initial public offering (...
WeWork rival IWG attracts £2.5bn bid interest

WeWork rival IWG attracts £2.5bn bid interest

Business
At least one mystery bidder is circling the serviced office giant previously known as Regus in the wake of an autumn profit warning which sent its shares crashing.Sky News has learnt that International Workplace Group (IWG) has been sounded out about a potential takeover in the last two months valuing the company at about £2.5bn.The identity of the prospective bidder was unclear this weekend, with analysts speculating that the likes of Blackstone and Brookfield - both of which have extensive track records as investors in real estate-backed companies - could be interested.It was also unclear whether bid talks were still active, although City sources said a takeover approach had been informally pitched at about 270p-a-share, a 35% premium to Friday's closing price.Mark Dixon, IWG's founder a