Wendel: signs agreement to sell NOP's capital

(CercleFinance.com) - On Thursday evening Wendel announced the signing of an agreement with CITIC Capital Japan Partners III for the sale of the entire capital of Nippon Oil Pump (NOP), Japan's leading internal gear pump maker.


This disposal will be made at an enterprise value equivalent to approximately eleven times its adjusted EBITDA. Subject to customary conditions, it is expected to be finalised by the end of 2018.

Wendel said that, "Based on this offer, Wendel would receive net proceeds of approximately E85 million, or c. E13 million above NOP's valuation in Wendel's net asset value as of August 24, 2018, and c. 3.5 times the initial equity invested, representing an IRR of c.29% since Wendel's investment in December 2013."

Copyright (c) 2018 CercleFinance.com. All rights reserved.