IK Partners enters into exclusive negotiations with Wendel

Undisclosed Partners at IK Investment Partners Limited, the UK based private equity firm, have entered into exclusive negotiations with Wendel Group, the France based family office investment firm, to sell a 51% stake in the company and rights to 20% of the carried interest generated on all future funds raised by IK Partners, for EUR 383m (EUR 255m at the time of closing, and EUR 128m 3 years after closing, subject to certain conditions). The partners at IK will also be significantly reinvesting as part of the transaction. Subject to customary regulatory approvals, the sale of a controlling interest in IK is expected to complete in the first half of 2024. The remaining 49% of IK Partners’ capital would be acquired by Wendel in subsequent transactions, which would take place between 2029 and 2032. These subsequent acquisitions of IK Partners shares by Wendel would be payable in cash or in Wendel shares, at Wendels discretion. The price of these additional transactions would depend on the growth of FRE over the period.