IWG to sell its Japanese operations to TKP for $418m.

TKP, a leading provider of conference rooms and banquet halls for rent in Japan, acquired Regus, a japanese subsidiary of IWG, the global operator of leading co-work and workspace brands for £320m payable in cash. IWG and TKP have also entered into a long term master franchise agreement which provides TKP with exclusive rights to the use of the Regus, Spaces and OpenOffice brands in Japan. TKP will continue to operate the Japanese centres under IWG's brands and operating platform and has committed to a development plan which will add significantly to IWG's centre network in Japan. "Partnering and franchising are increasingly important elements of our growth strategy and TKP is an outstanding partner for IWG in Japan, with strong local expertise and leadership in adjacent markets and a complementary network of operations." Mark Dixon, IWG CEO.