WM Capital, BASE Equity Partners close IWG privatization

Ted Liu

IWG Technologies Inc. has completed previously announced plan of arrangement with WM Capital Management, Inc., as guarantor, and 1096777 B.C. Ltd., the acquirer, an entity controlled by BASE Equity Partners, L.P. and WM.

1096777 B.C. Ltd has acquired all of the issued and outstanding shares of IWG for $0.43 in cash per share for aggregate consideration of approximately $16.8 million.

PenderFund Capital Management Ltd. was the single laregest shareholder controlling approximately 16.2% of IWG outstanding shares.

Working Capital Corporation acted as financial advisor to IWG Technologies Inc. in connection with the transaction. McCullough O’Connor Irwin LLP and McMillan LLP acted as legal counsels to IWG and the purchaser respectively.

photo credit: IWG Technologies