Wendel enters into exclusive negotiations to acquire IK Partners (updated)
17/10/2023 06:54
(Adds details on acquisition, share buyback)
Oct 17 (Reuters) - French investor Wendel MWDP.PA is
in exclusive negotiations to acquire British investment fun IK
Partners for 383 million euros ($403.87 million), the company
said on Tuesday in a statement.
Pending regulatory approval and the finalisation of
negotiations, Wendel would acquire 51% of IK Partners' shares in
a transaction paid in two-parts. The French group expects the
deal to be completed in the first half of 2024.
"The envisaged transaction would lead to the full
acquisition of IK over time," Wendel added.
IK Partners, which manages 11.81 billion euros of private
assets according to the statement, "will continue to operate
autonomously in the same markets and strategies, under the same
brand."
Wendel also announced its intention to launch a 100 million
euros share buyback program to finance further potential
acquisitions.
($1 = 0.9483 euros)
(Reporting by Victor Goury-Laffont; Editing by Christopher
Cushing)
((Victor.Goury-Laffont@thomsonreuters.com;))