$2.4BDivestiture / carve-outMaterials & ChemicalsCompleted

Wendel closes €2.1B sale of Stahl to Henkel

Wendel finalized the sale of its stake in Stahl (excluding Muno) to Henkel at an enterprise value of €2.1 billion, after clearing all regulatory approvals. Net proceeds come to roughly €1.14 billion, a 6.3x multiple on Wendel's total investment since 2006 and an annualized IRR above 15% over 20 years — about a 20% premium to Stahl's last carrying value in Wendel's NAV.

Why it matters: The exit anchors Wendel's €1.6 billion of 2026 disposals as it pivots toward private-asset management.

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