CVC makes GBP1.5 billion offer for IWG's digital division - Sky

(Alliance News) - CVC Capital Partners has approached IWG PLC about a potential acquisition of Instant Group, Sky News reported on Monday.

CVC, the private equity backer of Six Nations Rugby, made a GBP1.5 billion approach for Instant Group, IWG's digital division, according to Sky.

Citing "banking sources", Sky said Instant Group's chief executive has been marketing the business to a "number of private equity firms" recently after "a string of unsolicited approaches".

Chief Executive Officer Mark Dixon has been contemplating options for taking the company private or breaking it up for years, according to Sky.

https://news.sky.com/story/cvc-makes-1-5bn-approach-for-iwgs-instant-group-arm-12740846

IWG is a Jersey-based provider of flexible office space, formerly known as Regus.

Shares in IWG were trading 34% higher at 180.05 pence each in London on Monday afternoon, giving the entire company a GBP1.81 billion market capitalisation.

By Chris Dorrell; [e-mail]

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