Aug 24 (Reuters) – British office space provider IWG Plc is planning to list its U.S. arm in New York for three billion pounds ($3.68 billion), Sky News reported on Saturday.

IWG’s Chief Executive Officer Mark Dixon is holding talks with investment banks on creating an independent unit, which is expected to be a publicly traded rival to WeWork, Sky News here said.

Regus’s owner had put forth a condition to bankers that it will only hire them if they have no involvement in WeWork’s initial public offering (IPO), the report added.

IWG declined to comment. ($1 = 0.8145 pounds) (Reporting by Maria Ponnezhath in Bengaluru Editing by Helen Popper)