Proposed acquisition of Europac by DS Smith
June 6, 2018DS Smith is pleased to announce the proposed acquisition of Papeles y Cartones de Europa, S.A., known as Europac (“Europac”), a leading Western European integrated packaging business (the “Acquisition”).
The offer price of €16.80 per Europac share (the “Offer Price”) values the entire share capital of Europac at €1,667 million (£1,453 million), with an implied enterprise value of €1,904 million (£1,659 million).
Europac is a leading, Spanish listed, approximately 42 per cent. family owned, highly complementary, vertically integrated packaging business. Europac has a diversified customer portfolio with strong customer relationships and FMCG orientation.
The Acquisition, DS Smith’s transaction expenses and the refinancing of Europac debt will be financed from a rights issue to raise approximately £1,000 million (c.€1,171 million) net of expenses (the “Rights Issue”), which has been fully underwritten on a standby basis, and a new committed debt facility of £650 million (c.€746 million).
