European Commission Clears DS Smith Proposed Acquisition of Europac
Europac is a leading Western European integrated manufacturer of corrugated packaging and paper with operations in Spain, France and Portugal.
Nov. 15, 2018 - DS Smith announced that the European Commission on Nov. 14 cleared its proposed acquisition of Papeles y Cartones de Europa, S.A., known as Europac.
As part of the transaction clearance DS Smith has agreed with the Commission the disposal of two packaging businesses in Western France and Portugal. The financial impact of these disposals is not material.
Following the clearance, DS Smith anticipates the offer documentation being posted to shareholders of Europac shortly and expects to complete the acquisition by the end of 2018.
Miles Roberts, Group Chief Executive, said, "I am delighted that we have received competition clearance from the European Commission. This is an important milestone in our acquisition of Europac. We look forward to completing the formal takeover process and integrating Europac into DS Smith to the benefit of all our stakeholders. This acquisition is a fantastic opportunity to enhance our customer coverage and offering in this important region."
DS Smith announced the proposed acquisition of Europac in June. It is a highly complementary, vertically integrated packaging business based in Spain with a diversified customer portfolio and strong customer relationships.
In 2017 Europac delivered revenues of EUR 868 million and had recurring EBITDA of EUR 147 million. In the first nine months of this year, recurring EBITDA was EUR 157 million and net profit was at EUR 79 million, compared to EUR 104 million and EUR 58 million posted in the same period of 2017.
DS Smith is a leading provider of corrugated packaging in Europe and present in 37 countries, employing around 26,000 people. To learn more, please visit: www.dssmith.com.
SOURCE: DS Smith
Go to a related story on PaperAge.com:
» DS Smith Proposes to Buy Europac for EUR 1.9 Billion - June 4, 2018.