Wendel Growth to realize its first exit following exclusive discussions with Safran to acquire Preligens, a leader in artificial intelligence for aerospace and defense [Yahoo! Finance]
SAFRAN SA UNSPON/ ADR (SAFRY)
NASDAQ:AMEX Investor Relations:
safran-group.com/finance/investor-relations
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Source: Yahoo! Finance
Safran today announced that it has entered into exclusive discussions to acquire 100% of Preligens, a leader in artificial intelligence (AI) for aerospace and defense, for an enterprise value of 220 million euros. In early 2023, Wendel had invested c.€10.2 million in convertible bonds and warrants in Preligens. The realization of the transaction would generate net proceeds for Wendel of c.€14.6M, translating into a gross IRR of 28% , subject to entering into a final agreement. This first exit validates Wendel Growth's focused strategy of backing fast growing and innovative venture capital companies on their way to becoming profitable attractive targets for either strategic players or private equity investors. Founded in 2016, Preligens provides field-proven AI analytics solutions for high-end imagery, full motion video and acoustic signals. The company develops complex algorithms and software to analyze and automatically detect and identify objects of military interest notably
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