The deal is expected to close in late March or April 2022 based on receipt of approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin and subject to the satisfaction of customary closing conditions
The transaction now is expected to close in late March or April 2022. (Credit: LordPeppersBest from Pixabay)
Verso, a producer of graphic, speciality and packaging paper, has received its stockholders’ approval of the previously announced merger with BillerudKorsnäs.
In December last year, BillerudKorsnäs agreed to acquire Verso for around $825m in cash. The deal enabled the company to purchase all of the outstanding shares of Verso by paying $27 per share in cash.
The transaction now is expected to close in late March or April 2022 based on receipt of approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin and subject to the satisfaction of customary closing conditions.
Verso, based in Miamiburg, Ohio, manufacture speciality paper products, including release liner papers and label face stock for pressure-sensitive, glue-applied and laminate applications.
The company also produces packaging paper used in higher-end packaging and printing applications such as greeting cards, book covers, folders, labels and point-of-purchase displays.
The acquisition of Verso is part of BillerudKorsnäs’ plan to drive growth in paperboard and expand into North America.
At the time of the announcement of the deal, Verso president and CEO Randy Nebel said: “With the support of our talented team, Verso has successfully streamlined our operations and reduced costs while strategically investing in projects to enhance our ability to support our customers.
“This transaction builds upon our considerable progress and better positions the combined company to invest in our North American manufacturing capability, provide high-quality paper products to customers and accelerate growth.”
BillerudKorsnäs is a Swedish company that has expertise in renewable packaging material. The firm is a smart packaging solution provider along with pulp and paper with headquarters in Solna.