IWG divides to conquer WeWork discount
15/04/2019 10:58
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
By Ed Cropley
LONDON, April 15 (Reuters Breakingviews) - The office space
group is selling its Japan business for 320 mln pounds.
Retreating from one of its most profitable markets makes sense
given the local heft of SoftBank, which is backing its $47 bln
rival. A plan to offload other regions will reveal value hidden
under the desk.
Full view will be published shortly.
On Twitter https://twitter.com/edwardcropley
CONTEXT NEWS
- British office space company IWG said on April 15 it was
selling its Japanese business to TKP for 320 million pounds.
- IWG said the Japanese unit generated EBITDA of 20.6
million pounds on revenue of 94.4 million pounds in 2018. It
will continue to receive franchise payments from TKP.
- IWG shares rose nearly 22 percent to 336 pence by 0940 GMT
on April 15.
- For previous columns by the author, Reuters customers can
click on CROPLEY/
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Regus operator IWG to sell Japan operations for 320 mln pounds
urn:newsml:reuters.com:*:nL3N21X1HR
IWG statement http://otp.investis.com/clients/uk/iwg_plc/rns/regulatory-story.aspx?cid=1012&newsid=1252751
BREAKINGVIEWS-IWG’s safest option is to avoid short-term fix
urn:newsml:reuters.com:*:nL8N1XG2JC
BREAKINGVIEWS-IWG botched takeover leaves uncertain future
urn:newsml:reuters.com:*:nL5N1UX1JT
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(Editing by Peter Thal Larsen and Bob Cervi)
((ed.cropley@thomsonreuters.com; Reuters Messaging:
ed.cropley.thomsonreuters.com@reuters.net))