December 27, 2017 / 7:38 AM / 3 months ago

UK office firm IWG gets bid approach from Canada's Onex, Brookfield

(Reuters) - British serviced office provider IWG Plc (IWG.L) has received a bid approach from Canadian private equity firm Onex and Brookfield Asset Management (BAMa.TO), it said on Wednesday.

FILE PHOTO: Gerald Schwartz Chairman and CEO of Onex Corporation addresses shareholders at the company's annual general meeting in Toronto May 8, 2008. REUTERS/Fred Thornhill

IWG, the company behind the Regus brand that runs offices in about 3,000 locations in over 1,000 cities, did not disclose any further details about the possible cash offer.

The business had a market capitalization of about 1.8 billion pounds ($2.4 billion) on Friday after stock market trading finished.

IWG said there was no certainty any offer would be made by Onex and Canadian property firm Brookfield.

The approach comes after IWG warned on full-year profit in October, citing a weaker London market and disruption due to natural disasters in the United States. That warning sent its shares tumbling.

    The UK property market was one of the most prominent casualties of Britain’s June 2016 vote to leave the European Union, as investors worried financial firms would move jobs to Europe, hurting demand for office property in the capital.

    Reporting by Rahul B in Bengaluru, Editing by Louise Heavens and Mark Potter

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