TKP Corporation completed the acquisition of 13 Taiwanese Subsidiaries of IWG plc.
September 29, 2019
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TKP Corporation (TSE:3479) agreed to acquire 13 Taiwanese Subsidiaries of IWG plc (LSE:IWG) for £22.7 million on August 5, 2019. TKP Corporation entered into a definitive sale and purchase agreement to acquire 13 Taiwanese Subsidiaries of IWG plc for £22.7 million on August 9, 2019. TKP will pay the consideration in cash at completion and is subject to completion accounts adjustments for cash, debt and working capital. Under the term, TKP Corporation will acquire 100% stake in Taipei Regus Business Service Co., Ltd., Taichung Nantun Wenxin Centre Co., Ltd., Taipei Regus Business Consulting Co., Ltd., Taipei Zhongshan Nanjing East Centre Co., Ltd., Taichung Global Centre Co., Ltd., Hsinchu Wishun Centre CO., Ltd., Taipei Hsin Ji Centre CO., Ltd., Taipei Landmark Centre CO., Ltd., Taipei NeiHuZhouZi Centre Co., Ltd., Taipei Regus Business Centre Co., Ltd., Taipei San Lian Centre Co. Ltd. and Taipei Songshan Minquandong Centre Co., Ltd. In a related transaction, TKP and IWG have entered into a long term master franchise agreement with exclusive rights to the use of the HQ, Regus and SPACES brands in Taiwan, and allows TKP to continue to operate the Taiwanese centers under IWG's brands and operating platform. For the year ended 2018, the Taiwanese business had revenues of £6.8 million, EBITDA of £1.4 million and total assets of £9.9 million. The transaction is conditional on the approval of the Taiwanese Investment Commission of the Ministry of Economic Affairs. The transaction is resolved the board of directors of TKP Corporation on August 5, 2019. The transaction is expected to be completed in September 2019. The proceeds from the divestment will be used for IWG's general corporate purposes. Paul Mudie, Richard Todd of Slaughter and May acted as legal advisor to IWG plc.
TKP Corporation (TSE:3479) completed the acquisition of 13 Taiwanese Subsidiaries of IWG plc (LSE:IWG) on September 30, 2019. All the relevant procedures has been completed.
TKP Corporation is a Japan-based company mainly engaged in space regeneration distribution business by utilizing idle real estate. It is mainly engaged in meeting rooms and banquet halls leasing services. It manages rental conference rooms through TKP Rental Conference Room Net which is a tool to attract customers. Meeting rooms are used for conferences, seminars and lectures, training, examinations, social gatherings, exhibitions. Rooms are mainly located in metropolitan areas such as Tokyo, Sapporo, Fukuoka, Nagoya, Kyoto, Osaka, Hiroshima, New York and New Jersey. It also provides related services such as drinks and catering, rental options, lodging, event production and management support. Optional services rent meeting equipment. Accommodation service operates new style business hotels with meeting room facilities. It also provides building management services, telemarketing services, medical association operation consulting services and event production services.
TKP CORPORATION 
