Instant Group Limited agreed to acquire key digital assets from IWG plc (LSE:IWG) for £270 million on March 8, 2022. WG will pay net cash of £270 million to acquire. Through the merger The Instant Group will increase its current headcount of 300 to more than 500 employees.

Instant's management team will retain a significant equity stake and continue to run the business independently under the leadership of Tim Rodber (CEO) and Nick Land (Chairman). Given growth expectations the current intention is to IPO the business in 2023. To facilitate this merger IWG has agreed to purchase the interests of the selling shareholders of The Instant Group, Bowmark Capital and MML Capital Partners.

Funding has been provided through facilities fully underwritten by HSBC and Barclays arranged alongside the amendment of the IWG revolving credit facilities. The transaction will complete on Thursday 10 March 2022. The directors believe the Merger will be earnings accretive in the first full year of ownership.

Barclays Bank PLC acted as financial advisor to IWG. Bär & Karrer Ltd. acted as legal advisor to IWG.