The 75.2% of shares that are owned by Sequana, the majority shareholder of Antalis, along with the 82.5% of the voting rights will be acquired by KPP
KPP to acquire 83.7% stake in French packaging distribution firm Antalis. (Credit: GerdAltmann from Pixabay.)
Japan-based paper distribution firm Kokusai Pulp and Paper (KPP) has signed two binding agreements with Sequana and Bpifrance to acquire an 83.7% stake in Antalis, a French paper and packaging distribution group.
Subject to certain condition precedents, KPP agreed with Sequana to acquire 53,395,148 ordinary shares, which represent around 75.2% of Antalis’ share capital at the price of €0.10 per share, and 82.5% of the voting rights.
Secondly, the paper distributor has agreed with Bpifrance to acquire 6,064,946 ordinary shares, which represent about 8.5% capital stake as well as the voting rights of Antalis at the price of €0.40 per share.
KPP, in a statement, said: “The exercise of the put option by Sequana is subject to the release of opinions by Antalis’ European Works, the issuance of a court order by the Supervisory Judge as well as other customary conditions precedent.”
The outstanding credit facility of Antalis will be written off
In addition to the binding agreements, the firm has signed a restructuring agreement to refinance €100m of Antalis’ current syndicated credit facility through Mizuho bank.
Furthermore, the remaining €287.1m outstanding credit facility of Antalis will be written off.
Antalis board chairman Pascal Lebard said: “Antalis’ board of directors has favourably welcomed KPP’s backing which should enable the company to have a long-term shareholder that will support its future development. This combination, moreover with a distribution company, puts an end to the search for a new shareholder for Antalis.”
Antalis distributes paper and paper-related products in 41 countries, primarily in Europe, South America and the Asia Pacific.
The Japanese paper distribution firm said that the transaction is expected to create a major firm in the distribution of paper, packaging and visual communication in Asia, Europe, Australia and Latin America.
In 2018, Antalis has introduced a new thermal packaging solution, WrapPak Protector.