Instant Group merges digital assets with IWG in attempt to battle WeWork
With the market for flex office space exploding, WeWork and its competitors battling to take advantage of the demand with acquisitions and mergers. In March of 2022, office leasing company IWG and minor flex office space player Instant Group decided to create a third company that would combine the two players' management services. The yet-unnamed merged company is expected to be spun out by 2023, and includes a £270 million investment from IWG and a £50 million investment by Instant, with IWG also buying some of Instant's stock.
Competition|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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