IWG PLC Strategic Partnership Transaction in Switzerland (1136S)
04 Novembre 2019 - 8:17AM
UK Regulatory
TIDMIWG TIDMTTM
RNS Number : 1136S
IWG PLC
04 November 2019
Not for release, publication or distribution, in whole or in
part, in or into any jurisdiction where to do so would constitute a
violation of the relevant laws of such jurisdictions.
This announcement contains inside information in relation to IWG
plc.
Strategic Partnership Transaction in Switzerland
IWG, the global operator of leading co-work and workspace
brands, the J. Safra Group and the P. Peress Group are pleased to
announce that they have entered into a strategic partnership with
respect to IWG's workspace business in Switzerland. IWG will divest
of its interests in this market to an entity that is jointly owned
by the J. Safra Group and the P. Peress Group (the "Purchaser") and
will enter into an exclusive master franchise agreement with the
Purchaser. This transaction follows similar deals completed earlier
this year between IWG and TKP Corporation in respect of the
divestment of IWG's businesses in Japan and Taiwan and the related
franchise agreements.
The J. Safra Group, with total assets under management of over
USD 249 billion and aggregate stockholders' equity of USD 18.9
billion, is controlled by the Joseph Safra family. The J. Safra
Group consists of privately owned banks under the Safra name and
investment holdings in asset based business sectors such as real
estate and agribusiness. The P. Peress Group controlled by the
Peress family has global investment holdings and interests in
commercial, residential, operational and lifestyle related real
estate.
IWG and the Purchaser have entered into definitive sale and
purchase agreements for the entire issued share capital of IWG's
subsidiaries in Switzerland, which had 38 flexible co-working
locations as at 30 September 2019. IWG will receive gross
consideration of CHF120 million payable in cash at completion,
subject to completion accounts adjustments for cash, debt and
working capital. Completion is expected to occur at the end of
November 2019.
IWG and the Purchaser have also entered into a long-term master
franchise agreement which provides the Purchaser with exclusive
rights to the use of IWG's brands in Switzerland. The Purchaser
will continue to operate the existing centres under IWG's brands
and operating platform and has committed to a development plan
which will add significantly to IWG's centre network in that
country. IWG will provide on-going services and support to the
Purchaser, including access to IWG's brand portfolio, global
network, leading international sales and marketing platform and
best in class operational infrastructure and technology in return
for an on-going service fee linked to system-wide revenues in the
Franchised Territories.
Mark Dixon, CEO of IWG said:
"We are delighted to have entered into this strategic
partnership with the J. Safra Group and the P. Peress Group. Both
groups are seasoned real estate investors with deep knowledge of
our markets, and we are entirely confident they will augment the
continued growth of IWG and its brands. This transaction builds on
the successful completion of similar deals in Japan and Taiwan
earlier this year and further demonstrates the continued interest
from third parties wanting to operate IWG's brands across a wide
range of geographies."
Philippe Peress, on behalf of the aquiring Shareholders
said:
"We are delighted to partner with the IWG team. IWG are the
leading global co - working operator with a strong position of
leadership in Switzerland. With the support of the management team,
valued employees, and thanks to our expertise and deep network in
Switzerland we look forward to expanding this presence in the
coming years."
The person responsible for arranging the release of this
announcement on behalf of IWG is Tim Regan, Company Secretary.
Enquiries:
IWG plc
Tim Regan, Company Secretary
Wayne Gerry, Group Investor Relations
Director +41 (0)41 723 2353
Brunswick Group LLP (for IWG plc)
Nick Cosgrove
Oli Sherwood +44 (0)20 7404 5959
================================================
KekstCNC (for the Purchaser) +1 917 439 3507/mark.semer@kekstcnc.com
Mark Semer +1 212 521 4832/robert.siegfried@kekstcnc.com
Robert Siegfried
================================================
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END
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