Slaughter and May is advising IWG plc (IWG) on its cash box placing to institutional investors and its associated offer to retail investors via the PrimaryBid platform (the Placing). The Placing will raise gross proceeds of approximately £320m.
The results of the Placing, which represents c.15.4% of the existing issued ordinary share capital (excluding treasury shares) of IWG, were announced on 28 May 2020. It was conducted by an accelerated bookbuilding process for institutional investors, with Investec Bank plc, Barclays Bank PLC, and HSBC Bank plc as acting as joint global coordinators and joint bookrunners. Alongside this accelerated bookbuilding process, IWG made an offer to retail investors to participate in the Placing via the PrimaryBid platform. The net proceeds from the Placing will be used to take advantage of growth opportunities and strengthen IWG’s global leadership position.
Slaughter and May is advising IWG as a combined team with Cravath, Swaine & Moore LLP, who advised on matters of US law, and Mourant Ozannes, who advised on matters of Jersey law.