WeWork's rival IWG sold its Japanese business to TKP for $320 million and a cut of future revenues as it brings the fight to WeWork.
. IWG also generated £106 million in after-tax profit in 2018, while WeWork's net loss more than doubled to $1.9 billion.
IWG signed a"master franchise agreement" with TKP, which rents out conference rooms and banquet halls in Japan. If regulators approve the deal, TKP will take over IWG's 130 co-working centers in the country and secure the exclusive rights to IWG's Regus, Spaces, and OpenOffice brands in Japan. TKP has committed to growing and developing IWG's Japanese business. IWG will provide services and support to TKP including access to its global network, operating platform, and sales and marketing technology, in exchange for a recurring fee linked to the operation's sales.
After more than $10 billion in investment by Japan's SoftBank, WeWork is estimated to have a market cap of about $47 billion,
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