Mondi will also launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company that it does not already own.
May 31, 2021
Mondi has announced that it had completed its planned acquisition of Turkish corrugated packaging group Olmuksan International Paper Ambalaj Sanayi ve Ticaret from International Paper. Mondi said all conditions for the deal, first announced on 5 January, had now been satisfied. It had acquired 90.38% of the outstanding shares in Olmuksan for EUR 66 million, with an implied enterprise value on a 100% basis of 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.
“We are delighted to have completed this acquisition, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region. We look forward to welcoming the Olmuksan team to Mondi” — Andrew King, Group Chief Executive Officer of Mondi