IWG plc (LSE:IWG) is exploring a multibillion pound break-up that would involve splitting it into several distinct companies. Sky News has learnt that IWG's Chief Executive Officer Mark Dixon is in the early stages of examining a series of corporate actions that he believes would crystallise significant value for the company's shareholders. Insiders said on September 26, 2021 that Mr. Dixon was examining options including a US listing for Worka, an app that helps IWG clients to compare and book places to work in more than 3,000 locations around the world. That listing could be achieved through a flotation or merger with a special purpose acquisition company (SPAC), they added. Under the plans being explored, a break-up of IWG could also entail separating its owned-property arm from its global franchising operation, although a source close to the company insisted that a suggestion that Mr. Dixon would take the property company private himself was inaccurate. At Friday's closing share price of 286.7p, IWG had a market capitalisation of £2.9 billion, although Mr. Dixon is said to believe the true value of the company's assets is double that sum, making a break-up worthy of consideration. Bankers have yet to be formally hired to work on the ideas, although Barclays and HSBC, IWG's corporate brokers, are understood to be involved, as is Rothschild, which has been discussing the US listing with Mr. Dixon, according to banking sources. Another insider said that although the plans were under discussion, there was little prospect of an imminent formal announcement. It is the latest in a series of plots explored by IWG's founder in recent years which have included an outright sale of the group on several occasions. IWG declined to comment on September 26, 2021.