Mubadala Proposal to Sell Fintech Wefox Opposed by Founders
- Proposal could leave early investors with no returns
- Wefox was valued at $4.5 billion in 2022 funding round
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Mubadala Investment Co. has proposed selling troubled insurance tech startup Wefox Holding AG to UK insurance broker Ardonagh Group Ltd. in a deal opposed by the German firm’s founders.
The Abu Dhabi sovereign wealth fund has told Wefox shareholders it expects an offer from Ardonagh that would give the German firm an enterprise value of as much as €550 million ($595 million), according to a presentation from Mubadala that was seen by Bloomberg. Wefox was valued at $4.5 billion in a Mubadala-led funding round two years ago.