logo
Plus   Neg
Share
Email

IWG Signs Strategic Partnership Deal With Japan's TKP Corp. - Quick Facts

IWG plc (RGU.L), an operator of co-work and workspace companies, announced Monday that it has entered into a strategic partnership with TKP Corporation in Japan. IWG will divest its Japanese operations to TKP and the parties have agreed an exclusive master franchise agreement for the country.

TKP, which is listed on the Tokyo Stock Exchange, is a provider of conference rooms and banquet halls for rental in Japan, operating from 249 locations across the country.

IWG and TKP have entered into a definitive sale and purchase agreement in relation to 100% of the shares of Regus Japan Holdings K.K., which holds IWG's Japanese operations comprising 130 flexible co-work centres as at 31 December 2018.

IWG will receive gross consideration of 320 million pounds payable in cash at completion subject to completion accounts adjustments for cash, debt and working capital.

Completion is expected to occur in May 2019 and is conditional only on Japanese anti-trust clearance.

IWG and TKP have also entered into a long term master franchise agreement which provides TKP with exclusive rights to the use of the Regus, Spaces and OpenOffice brands in Japan.

TKP will continue to operate the Japanese 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 Japan.

Proceeds from the divestment will be used for the Group's general corporate purposes.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Moderna said Tuesday that it has reached an agreement with the U.S. to initially supply 100 million doses of its experimental vaccine for COVID-19, mRNA-1273. The U.S. government has awarded up to $1.525 billion for the vaccine. Las Vegas, Nevada-based Mr. Wok Foods has recalled about 200,000 pounds of meat and poultry products for misbranding and undeclared allergens, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The recalled products may contain known allergens such as milk, wheat, soy, peanuts, or oysters. They may also contain MSG, sesame products, or sulfites. The U.S. Food and Drug Administration approved the first oral drug to treat patients two months of age and older with spinal muscular atrophy (SMA) that can be taken at home. Roche subsidiary Genentech's Evrysdi (risdiplam) is also the second FDA-approved drug to treat this rare and often fatal genetic disease affecting muscle strength and movement.
RELATED NEWS
Follow RTT