Paper and packaging company Mondi on June 1 confirmed that it had completed the acquisition of 90.38% of the outstanding shares in Olmuksan International Paper for €66-million.
The implied enterprise value on a 100% basis would amount to about €88-million.
Acquired from International Paper, Olmuksan is a well-established corrugated packaging player in Turkey and is listed on the Istanbul Stock Exchange.
It has a network of five plants, which Mondi said “provides a diverse customer base with high-quality sustainable packaging for food, beverage, agriculture and industrial applications”.
Mondi CEO Andrew King commented that the acquisition “significantly strengthens” the company’s position in the fast-growing Turkish corrugated market and expands its offering to existing and new customers in the region.
Mondi will now launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company that it does not already own.