VIENNA (News release) -- Further to the announcement made on 5 January 2021, Mondi confirms that all conditions have been satisfied and it has completed the acquisition of 90.38% of the outstanding shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret A.Ş ("Olmuksan" or the "Company") from International Paper for a total consideration of €66 million. The implied enterprise value on a 100% basis would amount to around €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

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.