27th Aug 2019 11:43
(Alliance News) - Office space provider IWG PLC is plotting to spin off its US business into a separately listed company to rival WeWork, Sky News said on Saturday.
Sky News said IWG's Chief Executive Mark Dixon is in talks with investment banks about creating a standalone business to rival WeWork, which is targeting a valuation of around USD50 billion.
An IWG spin-off is likely to come soon after We Co owned WeWork's IPO, Sky News said.
Sky News did say, however, that plans for a standalone IWG US business are at an early stage, with a number of other options also being considered.
Shares in IWG Group were 3.5% higher at 421.20 pence each in London on Tuesday.
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