CVC Capital makes $1.72 billion approach for IWG's digital division - Sky News

(Reuters) -Private equity firm CVC Capital Partners has approached office rental company IWG Plc about a 1.5 billion pound ($1.72 billion) potential carve-out of its digital division, the Instant Group, Sky News reported on Monday.

Instant Group chief Tim Rodber had been marketing the business to a number of private equity firms in recent weeks following a string of unsolicited approaches, Sky said.

CVC is among a number of buyout firms which have approached IWG for its digital arm.

In March, IWG's digital assets that offer services including platforms to book office spaces were combined with the London-based Instant Group, which mainly caters to the flexible workspace market, with presence in 18 countries.

IWG and CVC declined to comment on the matter.

($1 = 0.8720 pounds)

(Reporting by Aby Jose Koilparambil and Radhika Anilkumar in Bengaluru; Additonal reporting by Amna Karimi; Editing by Savio D'Souza)