Wendel announced today that it has entered into exclusive negotiations with a view to acquiring a controlling stake in IK Partners from its partners. The deal is based on 383 ME for the 51%, according to the analyst.

Following this announcement, Oddo BHF reiterates its Outperform recommendation, with a price target of 115 E.

' The deal will i/ generate additional and regular sources of revenue and profit (target of 150 ME in management fees and 60 ME in pre-tax profit in 2024); ii/ create asset value (by helping the company to grow and thanks to Carried Interest); and iii/ mutualize certain central costs' says Oddo BHF.

' IK manages 11.8 MdE on behalf of third parties and has invested in 180 companies since its creation in 1989, its positioning is pan-European small and midcap. The company invests in the business services, healthcare, consumer goods and industrial sectors in the Benelux countries, the DACH (Germany, Austria, Switzerland), France, the Nordic countries and the UK.

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