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Report: IWG to market coworking brand Spaces

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Report: IWG to market coworking brand Spaces

Switzerland-based IWG PLC hired Eastdil Secured LLC as an adviser for a potential sale of Spaces, meant to position the coworking brand as a global competitor to New York's WeWork Cos. Inc., Bloomberg News reported, citing people with knowledge of the plan.

Spaces operates about 180 locations in approximately 50 countries, with plans to double its portfolio to more than 400 offices globally in 2019.

WeWork, now known as The We Co., is valued at $47 billion, after Japan's SoftBank Group Corp. invested an additional $2 billion on top of its existing $4 billion investment.

Talk about the sale of Spaces first surfaced in November 2018 after IWG opted to remain an independent company and cancelled talks for sale of its entire stock.