Slaughter and May is advising IWG plc on its strategic partnership with TKP in Japan

Slaughter and May is advising IWG plc (“IWG”), the global operator of leading co-work and workspace brands, on its strategic partnership with TKP Corporation (“TKP”) in Japan. IWG has agreed to sell its Japanese operations to TKP for gross consideration of £320 million (subject to completion adjustments for cash, debt and working capital) and to enter into a long-term master franchise agreement with TKP, which provides TKP with exclusive rights to the use of the Regus, Spaces and OpenOffice brands in Japan.

Completion is expected to occur in May 2019 and is conditional only on Japanese anti-trust clearance.