Wendel announces the successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital

Core Viewpoint - Wendel successfully placed 30,357,140 shares of Bureau Veritas, representing approximately 6.7% of its share capital, at a price of €27.25 per share, enhancing its financial flexibility and reducing its loan-to-value ratio to approximately 17% [1][5]. Group 1: Transaction Details - Wendel entered into a prepaid 3-year forward sale agreement with BNP Paribas for the shares of Bureau Veritas [2]. - The forward sale transaction will generate net cash proceeds of approximately €750 million, supporting Wendel's transition towards a dual model of Principal Investments and Asset Management [4]. - Wendel also engaged in a call spread transaction to benefit from potential stock price appreciation over the next three years, indicating confidence in Bureau Veritas' value creation potential [3]. Group 2: Financial Impact - The pro forma loan-to-value (LTV) ratio for Wendel is expected to decrease to approximately 17% following the transactions and the acquisition of Monroe Capital [5]. - The offering price of €27.25 per share serves as a reference for the transactions, with the shares sold being borrowed by the forward bank in the market [6]. Group 3: Ownership and Strategic Support - Wendel retains full ownership of the shares and associated double voting rights until the physical settlement of the forward sale transaction, scheduled for March 17, 2028 [8]. - Wendel has committed to supporting Bureau Veritas' management and its Leap|28 strategic plan, reflecting a long-term investment perspective [10].