French private equity firm Wendel completed the sale of 20,920,503 shares in local certification company Bureau Veritas SA for total proceeds of about €400 million.
The shares, representing a 4.73% stake, were offered in a private placement carried out through an accelerated bookbuild process. The deal resulted in a capital gain of roughly €300 million, which has had no impact on Wendel's income statement.
Following the transaction, Wendel now holds an approximately 35.8% stake in Bureau Veritas' share capital and 51.9% of its voting rights. The sale is expected to increase the latter's free float and improve the liquidity of its shares. Wendel will retain control of the business, it added in a release.
The private equity firm added that it has entered into a commitment not to carry out a similar market transaction in the next six months, subject to certain customary exceptions.
Goldman Sachs served as the book runner on the placement.
