Terra Firma Joins List of Potential Buyers for Office Firm IWG

(Bloomberg) -- Terra Firma Capital Partners is interested in buying the world’s largest operator of short-term office space, owner of the Regus brand, at least the fifth potential buyer to express interest as demand for co-working locations intensifies.

Serviced-office company IWG Plc confirmed Saturday in a statement it had received an approach from the private-equity firm for a prospective cash offer for the entirety of its equity capital. In response to a Reuters report, it cited a July 21 deadline for clarification of a bid. Terra Firma, run by investor Guy Hands, did not immediately respond to an email seeking comment.

It’s the latest indicative offer for a stake in the London-listed firm after SoftBank Group Corp.’s investment in WeWork Cos. sparked a flurry of deals in the sector.

IWG announced May 11 that it had received interest from three possible buyers, including Lone Star Funds, which ended its pursuit earlier this month. Prime Opportunities Investment Group LLC later said its bid had been rejected, and that it was considering a new one. Starwood Capital Group LLC and TDR Capital LLP made “indicative proposals,” IWG said last month.

IWG and its financial advisers are evaluating the Terra Firma proposal, the company said in the statement. There can be no certainty about a firm offer or its terms, it said.

To contact the reporter on this story: Sid Verma in London at sverma100@bloomberg.net

To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Marthe Fourcade, Vernon Wessels

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