Wendel (ENXTPA:MF) has entered into exclusive negotiations to acquire 51% stake in IK Partners for approximately ?383 million on October 17, 2023.The amount would be paid by Wendel in two stages: ?255 million at the time of closing, ?128 in three years after closing, subject to certain conditions. The remaining 49% of IK Partners? capital would be acquired by Wendel in subsequent transactions, which would take place between 2029 and 2032. Subject to consultation with the relevant works council and satisfaction and finalization of negotiations as well as the conditions for completion (including regulatory approvals), the acquisition of a controlling stake in IK is expected to be completed in the first half of 2024. Nicholas Page, Luke Powell, Chris Daniel, Malcolm Walton, Jeremy Moncrieff, and Alex Ereira of Michael Sholem, Macfarlanes and Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Youssef Driouich, Aurélia Defouilhoux, Vincent Agulhon, Pierre Dabin, Henri Savoie, Laurent Gautier, Jean-Baptiste Aubert, Guillaume Griffart, Anthony Villaca, Didier Théophile, and Solène Balesi of Darrois Villey Maillot Brochier acted as legal advisors and d'Angelin & Co. Ltd. acted as financial advisor to Wendel in the transaction. James King, Jeremy Leggate, Adrian Duncan, Daniel Lavon-Krein, P.C., Ben Hai, Vincent Ponsonnaille, Emmanuel Enrici, David Pritchett, Nadine Gelli, Mark Gardner, and Julian Hui of Kirkland & Ellis advised IK Partners. EY provided due diligence to Wendel.

Wendel (ENXTPA:MF) completed the acquisition of 51% stake in IK Partners on January 19, 2024.