Wendel finalizes sale of Stahl to Henkel for €1.14 billion net proceeds

A divestment valued 20% above September 2025 NAV

Wendel announced on October 1, 2026 that it had completed the sale of its stake in Stahl (excluding Muno) to Henkel for an enterprise value of €2.1 billion, following receipt of all required regulatory approvals.

The transaction generates total net proceeds (after debt and transaction costs) of approximately €1.14 billion for Wendel. According to the group, this amount corresponds to a multiple of 6.3 times (net) the total investment made since 2006, including €427 million in prior proceeds related to Stahl's cash generation, representing an annualized IRR of over 15% over 20 years.

The group notes that this valuation compares to an amount of €960 million retained in its revalued net asset value (NAV) published before the announcement of the transaction, as of September 30, 2025, representing a premium of approximately 20%.

A milestone in the roadmap presented in late 2025

Wendel indicates that the sale of Stahl marks a milestone in the execution of the roadmap presented in early December 2025, designed to meet its long-term value creation objectives and portfolio rotation.

The group recalls that in 2026, it announced asset disposals totaling €1.6 billion, completed the acquisition of Committed Advisors, and will return more than €500 million to its shareholders, including a share buyback representing 9% of its capital, completed in July.

Financial calendar and investment outstanding

Wendel specified its financial calendar, with a third quarter 2026 activity update scheduled for October 22, 2026, an Investor Day on December 2, 2026, followed by the publication of 2026 annual results and NAV as of December 31, 2026 on February 26, 2027.

As of June 30, 2026, Wendel Investment Managers managed €48.7 billion on behalf of third-party investors, while approximately €3.6 billion was invested in the proprietary investment activity on pro forma basis following the sale of Stahl and IHS.