Offices provider IWG formerly known as Regus has signed a £320m with Tokyo listed TKP to sell off its Japanese office space division.
Under a franchise agreement TKP will be able to operate IWG’s Regus, Spaces and Open Office brands in Japan.
In early morning trading, news of the strategic partnership with TKP saw the firms share price rise from 15% to 318p.
IWG boss Mark Dixon said, “Partnering and franchising are increasingly important elements of our growth strategy and TKP is an outstanding partner for IWG in Japan, with strong local expertise and leadership in adjacent markets and a complementary network of operations.
“The transaction realises an attractive valuation for IWG’s shareholders and re-affirms our strategy of capital efficient growth in IWG’s global network with an increased emphasis on partnerships.”
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