Happy World Property acquires Regus Business Centres in Mauritius

Happy World Property Ltd has concluded and implemented a Share Sale and Purchase Agreement with Regus Group Ltd and Regus International Holdings Ltd for the two Business Centres operating in Port Louis (Medine Mews) and Ebene (Ebene Heights) under the ‘Regus’ trademark.

The transaction consists of the acquisition of 100% of the shares in Regus Business Centres (Mauritius) Ltd and RBC (Mauritius) Ltd from Regus Group Ltd and Regus International Holdings Ltd respectively.

The total purchase consideration of Rs90m is funded by a long-term loan facility from the Mauritius Commercial Bank to Happy World Property Ltd, the company said in an announcement issued on the Stock Exchange of Mauritius.

It is forecast that the profits from the two Business Centres will have a positive impact on Happy World Property’s profit before tax.

The communique outlined the newly acquired Business Centres will continue to operate the ‘Regus’ brand name “by virtue of a strong, long-duration agreement made by the Company with Franchise International Ltd, the Franchisor, and Happy World Ltd, their Master Franchisee for the Indian Ocean islands of Mauritius, Reunion and Seychelles with a right of first refusal for Madagascar.”

IWG Plc (iwgplc.com), the owner of Franchise International Ltd, Regus Group Ltd and Regus International Holdings Ltd, has a network of 3,000 Business Centres in over 100 countries.