Wendel: in talks to divest Cronology
(CercleFinance.com) - Wendel has announced that it has received a binding offer from DuluxGroup to acquire the entire share capital of Cromology, a company present in eight European countries that specialises in decorative paints and products.
DuluxGroup proposes to acquire the entire share capital of Cromology for an enterprise value of 1,262 million euros, or 13.2x LTM EBITDA at 30 June 2021. For Wendel, the net proceeds of this sale would amount to approximately 907 million euros.
Wendel has decided to enter into exclusive negotiations with DuluxGroup to complete the deal, which is expected in H1 2022, subject to the necessary regulatory approvals.
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