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IWG Shares Climb on Report of CVC Interest in Instant Group Buyout

By Scott Kanowsky

Investing.com -- Shares in IWG PLC (LON:IWG) surged by more than 35% on Monday on a report that private equity group CVC Capital Partners is eyeing a potential £1.5 billion (£1 = $1.1459) deal for the digital arm of the serviced office provider.

Sky News first reported that the company - formerly known as Regus - was entertaining offers from CVC, as well as other buyout firms, for its The Instant Group unit.

The Instant Group Chief Executive Tim Rodber was pitching the division to "a number" of private equity groups after he received unsolicited bids for the business, Sky News added.

The report comes as the FTSE250-listed IWG has struggled with worries that a potential recession would lead to a slowdown in demand for office space. IWG's share price has fallen by more than 56% over the past one-year period.

CVC and IWG both declined to comment on the story, according to both Sky News and Reuters.

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