The US private equity firm CC Capital has confirmed that it has no intention of buying flexible office giant IWG, following reports of a possible takeover deal.
In a statement today (29 June), the New York-based firm said: “CC Capital Partners LLC notes the recent press speculation regarding a potential offer for IWG PLC. CC Capital confirms that it does not intend to make an offer for IWG.”
It comes after CC Capital was reported to be mulling a £4bn takeover deal for the listed office company, in a potential acquisition which would value IWG far above its current market cap of £3.1bn.
IWG shares are valued nearly one-third lower than in February 2020, after the pandemic forced it to close many of its serviced offices and hollowed out its revenues.
However, chief executive Mark Dixon believes the company is set for a dramatic resurgence over the coming years, as more office occupiers look for flexibility in their office footprint.
CC Capital was founded by Chinh Chu, who was previously a top executive at Blackstone, one of the world’s biggest private equity investors.
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