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IWG To Divest Taiwanese Operations To TKP

IWG Plc. (IWG.L) said that it will divest its Taiwanese operations to TKP Corp. and they have agreed an exclusive master franchise agreement for the country. IWG's Taiwanese subsidiaries consist of 14 flexible co-work centres.

IWG will receive gross consideration of 22.7 million pounds payable in cash at completion, subject to completion accounts adjustments for cash, debt and working capital.

Completion is expected to occur in September 2019 and is conditional only on the approval of the Transaction by the Taiwanese Investment Commission of the Ministry of Economic Affairs.

As per long term master franchise agreement, TKP will have exclusive rights to the HQ, Regus and SPACES brands in Taiwan. TKP will continue to operate the Taiwanese centres under IWG's brands and operating platform.

IWG noted that it will use the proceeds from the divestment for the Group's general corporate purposes.

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