November 4, 2019 / 7:34 AM / 8 days ago

BRIEF-IWG To Divest Interests In Switzerland For CHF 120 Mln

Nov 4 (Reuters) - IWG Plc:

* STRATEGIC PARTNERSHIP TRANSACTION IN SWITZERLAND

* CO, SAFRA GROUP, P. PERESS GROUP ENTERED INTO A STRATEGIC PARTNERSHIP WITH RESPECT TO IWG’S WORKSPACE BUSINESS IN SWITZERLAND

* WILL DIVEST OF ITS INTERESTS IN THIS MARKET TO AN ENTITY THAT IS JOINTLY OWNED BY J. SAFRA GROUP AND P. PERESS GROUP

* TO GET CONSIDERATION OF CHF120 MILLION IN CASH AT COMPLETION OF SALE, SUBJECT TO COMPLETION ACCOUNTS ADJUSTMENTS FOR CASH, DEBT, WORKING CAPITAL

* IWG AND PURCHASER HAVE ALSO ENTERED INTO A LONG-TERM MASTER FRANCHISE AGREEMENT

* PURCHASER WILL CONTINUE TO OPERATE EXISTING CENTRES UNDER IWG’S BRANDS AND OPERATING PLATFORM Source text for Eikon: Further company coverage:

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