Mubadala Investment “Sell” by Wefox Holding, the upset emerging insurance technology business, introduced to British insurance company “Adronagh Group”, as part of an agreement entered into with the founders of the German company. The Sovereign Fund in Abu Dhabi, the ShareHolders of “Wivox”, informed that he is awaiting an offer from “adru” that will raise the value of the german company to about 550 million Euros (595 million dollars), according to an offering to an offer by “Mubadala” and was blessed by ” That the value of “Wifox” was estimated at $ 4.5 million during a funding round of “Mubadala” two years ago. ‘Wivox’, based in Berlin, suffered losses of more than 100 million euros over the past year, and in the current period new financing needs faced up to 70 million euros until the end of this year, according to the ‘Mubadala’ offer, offered to the company’s senior shareholders, including the “Chrysalis Investments” and Targat Target Global. The shareholders offer an alternative agreement, “Mubadala”, which is $ 300 billion, became more assertive with a few startups they funded when low interest rates helped support the boom in Bold Capital Investments. In the Turkish grocery business, “Getir”, “Mubadala” exerted pressure to make changes in the company’s board and restore its strategy earlier this year. The founders of “Wifox” and a number of the first investors are the transaction because they expose them to the risk of losing their entire investment, and they have suggested that they make a new financing round of current investors, instead of selling, according to people who are familiar with the case, who asked not to reveal their identity because of the privacy of the talk. According to the people, ‘Cresles’ and ‘Targat Global’ support the alternative agreement proposed by the founders of ‘Wivox’. “Krizelis” prepares a newspaper newspaper for a financing tour to raise 50 million euros, in which she will participate in the amount of 15 million euros, according to what was put in a separate offer by “Bloomberg”. Representatives of “Mubadala”, “Wifox”, “Adrona”, “Targat Global” and “Crisles” refused to comment. The sale of “Wifox” threatens the investments of the first shareholders the agreement proposed by “Mubadala”, which will lead to the distribution of “Wifox”, which works in 8 countries and has more than two million customers, to two businesses, and “Adruona” will take over the main unit of the company, which can achieve some profits in the opportunity of the high value of the “ADrona. Although it will establish a separate business that includes the technical platform of “Wifox” and its Swiss unit, the first investors and shareholders will be owned. It is noteworthy that “Adrona” is partly owned by a company attached to the Abu Dhabi Investment Authority, which is the largest sovereign fund in the Emirate. The proposal will expose the first shareholders to a great risk, namely to lose their entire investment unless the new company earns big profits. In contrast, the investors who invested in ‘Wifox’ could end during the finance round performed in 2022 to obtain twice as much as they invested, thanks to contractual provisions known as ‘liquidation priorities’, giving them preference over other shareholders in line if the company is sold. The losses of “Wifox” decrease, the two shows are likely to discuss the unusual general meeting of Wifox shareholders, which will be held on June 28, according to documents seen by “Bloomberg”. The agenda of the meeting will also include the issue of re -election of the CEO of “Wifox”, Mark Hartigan, and a member of the Council of Directors Helen Hesloum in the independent board of directors of the company, a step that claims a number of investors to violate the shareholders’ agreement, according to documents. In 2023, WiFox earned an income of 739 million euros, while the amended profits before calculating benefits, taxes, depreciation and firefighting were a loss of 72 million euros, according to a offer of the company seen by Bloomberg. As for the first four months of 2024, turnover increased by 33% compared to the same period last year to 446 million euros, while the loss of modified gains by documents dropped to 17 million euros.
The proposal of “Mubadala” to sell “Wivox” is met by the objection of the company’s founders
