Deals

WeWork Rival IWG Mulls Spinoff for U.S. Business, Sky Says

Members work in the cafeteria at the WeWork Cos Inc. 85 Broad Street offices in New York. — Members work in the cafeteria at the WeWork Cos Inc. 85 Broad Street offices in New York.
Photographer: David 'Dee' Delgado/Bloomberg

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By Kelly Gilblom and Will Hadfield

August 24, 2019 at 1:31 PM UTC

Updated on

August 24, 2019 at 3:59 PM UTC

This article is for subscribers only.

The founder of IWG Plc is planning to spin off the firm’s U.S. business into a separately listed company in New York, Sky News reported, citing people familiar with the matter.

IWG Chief Executive Officer Mark Dixon is in talks with investment banks about creating a standalone business to rival WeWork Cos., the London-based broadcaster said on its website. Sky said that IWG’s U.S. operations could be worth as much as $3.7 billion. IWG generated about 41% of its $3.4 billion of revenue in the Americas last year, according to data compiled by Bloomberg.