Home Market IWG confirms takeover approach from private equity firm Terra Firma

IWG confirms takeover approach from private equity firm Terra Firma

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London-listed office space provider IWG has received an approach from private equity firm Terra Firma Investments over a possible takeover of the company.

IWG confirmed in a note today that it had been contacted by the investor regarding a potential an all-cash offer after Reuters broke the news yesterday that Terra Firma was the latest company to join the bidding war for the $3.8bn (£2.9bn) company.

Another private equity fund TDR Capital alongside real estate investment groups Starwood Capital and Prime Opportunities are already battling to take control of the company.

Read more: In-demand office firm IWG rejects offer from US's Prime Opportunities

The business has offices in around 3,125 locations world wide, amounting to 52m square feet in more than 110 countries.

IWG has been courting a number of suitors recently after a takeover attempt from Onex and Brookfield Asset Management collapsed in February.

It follows workspace start-up WeWork receiving a $4.4bn investment from Japanese fund SoftBank, giving it a market valuation of $20bn.

Read more: IWG open to talks with private equity firms over potential takeover

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