Brookfield and Onex could pay up to $3.7B for WeWork rival

Companies are preparing offer for IWG, formerly known as "Regus"

New York /
Jan.January 17, 2018 03:00 PM

From left: IWG’s Mark Dixon, Brookfield Asset CEO Bruce Flatt and a IWG space

Brookfield Asset Management and Onex are planning to bid about $3.7 billion for IWG, a WeWork rival based in Switzerland.

IWG, formerly known as “Regus,” confirmed in December that it had received an “indicative proposal” from the two companies, but no final decisions have been made yet, according to Bloomberg. Shares of IWG were up 8.3 percent in trading early on Wednesday. When news first broke of Brookfield and Onex’s interest, shares rose 30 percent.

IWG has almost 3,000 worldwide locations compared to 283 for WeWork, but WeWork’s value is significantly higher at $20 billion.

Brookfield and Onex, both private equity firms based in Canada, have until Jan. 20 to make a final call about whether or not to make an offer for IWG under the United Kingdom’s takeover rules.

Brookfield is also said to be preparing an increased bid for retail-focused real estate investment trust General Growth Properties, after its initial $15 billion bid was rejected. [Bloomberg]Eddie Small


Related Articles

arrow_forward_ios
Hana Ranch in Maui. (Sotheby's International)
Mammoth Maui cattle ranch hits market for $75M
Mammoth Maui cattle ranch hits market for $75M
Saratoga County Homestead (Facebook, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
From left: Alice Technologies founder and CEO René Morkos; Join CEO Andrew Zukoski (LinkedIn/René Morkos, LinkedIn/ Andrew Zukoski, iStock)
Construction tech startups Alice, Join score new commitments
Construction tech startups Alice, Join score new commitments
Yelp's Jeremy Stoppelman, Remote Work
Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
On the dock-et: Shelter Island inn owner sues town
On the dock-et: Shelter Island inn owner sues town
Carl Icahn and Rialto Capital’s Adam Singer (Getty Images. Rialto Capital, Illustration by Kevin Cifuentes for The Real Deal)
Carl Icahn goes to war against Rialto, CMBS servicers
Carl Icahn goes to war against Rialto, CMBS servicers
From left: Brookfield’s Brian Kingston and Hospitality Investors Trust's Jonathan P. Mehlman with Hilton Garden Inn Monterey (Brookfield, Hospitality Investors, Hilton)
Brookfield hotel REIT sues insurers for denying pandemic claims
Brookfield hotel REIT sues insurers for denying pandemic claims
Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...