Fintech

Mubadala supports the sale of fintech Wefox to Ardonagh against the wishes of the founders

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7 months ago

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Mubadala Investment Co. has proposed selling a struggling insurance tech startup Wefox Holding SA to the UK insurance broker Ardonagh Group Ltd. in a deal opposed by the German company’s founders.

Abu Dhabi’s sovereign wealth fund told Wefox shareholders it expects an offer from Ardonagh that would give the German company an enterprise value of as much as 550 million euros ($595 million), according to a Mubadala presentation seen by Bloomberg . Wefox was valued at $4.5 billion in a company led by Mubadala round of financing two years ago.

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