Orora Limited sells Australasian Fibre Business for $1.72bn
Manufacturing conglomerate Orora Limited has entered into a binding agreement to sell its Australasian Fibre Business to a wholly owned subsidiary of Nippon Paper Industries Co for $1.72 billion.
Firm: Baker McKenzie (Orora Limited).
Deal: Bakers has advised Orora Limited on its binding agreement to sell its Australasian Fibre Business to a wholly owned subsidiary of Nippon Paper Industries Co., Limited (Nippon Paper) for an enterprise value of $1.72 billion.
Area: Corporate markets.
Value: $1.72 billion.
Key players: The Bakers team was led by partner Peter Ickeringill, who was supported by Chris Taylor, Sarah Roughead, Richard Lustig, Steph Szkilnik, Kyle Fong, Georgina Foster, Meredith Gibbs, Sean Selleck, Sinan Alnajjar, Dora Stilianos, Kurt Fisher and Tetsuo Tsujimoto.
Deal significance: Speaking about the transaction, Mr Ickeringill said: “The sale of Orora’s Australasian Fibre Business offers compelling value to shareholders. Once the transaction is completed, our client’s intention is to return capital to its shareholders and to focus on its growing Australasian Beverage and North American businesses.”
“The size of this cross-border transaction, required a committed team drawing from lawyers in our Melbourne, Sydney and Tokyo offices, and from lawyers in Auckland, on a range of multidisciplinary aspects. Customarily, the transaction is now subject to conditions including Foreign Investment Review Board approval, with an expected completion date in early 2020.”