Latham & Watkins advised the joint global coordinators and joint bookrunners on a £320 million cashbox placing by IWG plc (IWG), the leading global operator of workspace brands.
Concurrently, IWG conducted a retail offer via PrimaryBid of new ordinary shares, giving retail investors the opportunity to participate in its equity fundraising alongside the placing. The net proceeds of the placing and retail offer will be used by IWG to pursue enhanced organic expansion from increased demand for flexible workspaces, rescue situations and M&A opportunities.
The transaction builds on Latham’s prominent equity capital markets activity in London since the start of the COVID-19 pandemic, following its work on placings involving Polypipe, J D Wetherspoon, Hays and Assura, and the placing and subsequent premium listing of Diversified Gas & Oil on the London Stock Exchange.
Latham’s team was led by London corporate partner Chris Horton, with associates Sean Meehan and Frederick Gardner. London partner Ryan Benedict and associate Sarah Youssefi advised on US securities law matters.