Wendel finalizes sale of Stahl stake to Henkel for €2.1 billion enterprise value
Wendel closed the sale of its stake in Stahl, excluding Muno, to Henkel at an enterprise value of €2.1 billion. Wendel received about €1.14 billion in net proceeds.
1. Sale proceeds and returns
Wendel said net proceeds totaled about €1.14 billion after debt and transaction costs. The deal delivered a 6.3x multiple on Wendel’s net investment since 2006, including €427 million in prior proceeds, and an annualized IRR of over 15% over 20 years. Proceeds were about 20% above the €960 million NAV published as of September 30, 2025.
