On December 13, 2019, Wendel and other Allied Universal shareholders finalized the sale of a majority stake in Allied Universal to Caisse du dépôt et placement du Québec and to a new investment group headed by Warburg Pincus and a subsidiary of the J. Safra Group.
Under the terms of the transaction, Wendel sold 79% of its holding in Allied Universal for net proceeds of $721 million and retained a 6% ownership interest in the company.
The transaction values Wendel’s investment in Allied Universal at around $920 million, including both realized and unrealized portions, or 2.5 times total invested capital in dollar terms. The valuation represents a $670 million uplift from the most recent figure in Wendel’s net asset value, which dates to November 16, 2018.
« This transaction gives Wendel additional resources to grow its portfolio over the long term and seek out new high-quality assets ». David Darmon, Group Deputy CEO