Following the announcement of January 5, 2021, Mondi has confirmed that all conditions are met and that it has completed the acquisition of 90.38% of the outstanding shares of Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.Ş da International Paper for a total consideration of EUR 66 million. The implied enterprise value on a 100% basis would amount to around EUR 88 million.
Olmuksan is a leading and well-established corrugated packaging player in Turkey, listed on the Istanbul stock exchange. Its network of five plants provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications. The company runs five corrugated packaging plants with 300,000 tpy of converting capacity.
«We are glad that we have completed this acquisition, which significantly strengthens our position in the fast-growing Turkish corrugated market and expand our offering to existing and new customers in the region. We look forward to welcoming Olmuksan’s team in Mondi» says Andrew King, Group Chief Executive Officer of Mondi.
Mondi will now launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the Company that it does not hold yet.