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(Alliance News) - IWG PLC Chief Executive Mark Dixon is exploring breaking up the firm into several distinct companies, Sky News reported on Sunday.
Dixon is looking at options including a US listing for Worka, IWG's app that allows customers to book office space. The listing could be through an initial public offering or a merger with a special purpose acquisition company, Sky said, citing insiders.
IWG, based in Zug, Switzerland, provides serviced office space around the world at its own buildings, as well as franchising its brands.
Under the plans being considered, IWG's owned-property unit would be separated from its franchising business.
Dixon is said to believe the true value of the company's assets is double its GBP2.89 billion market capitalisation, and a breakup would help realise that value, Sky reported.
There is little prospect of an imminent announcement, and banks have yet to be formally hired to work on the idea. But IWG's corporate brokers, Barclays PLC and HSBC Holdings PLC, are involved, while Rothschild has discussed the US listing, according to Sky's banking sources.
https://news.sky.com/story/serviced-office-giant-iwg-explores-multibillion-pound-break-up-plan-12419196
Dixon holds a 28.5% stake in IWG, according to Morningstar. The FTSE 250 constituent has a GBP2.89 billion market capitalisation
By Ivan Edwards; ivanedwards@alliancenews.com
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