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Sappi - proposed joint venture
Sappi, through its wholly owned subsidiary, Sappi Papier Holding GmbH (SPH) announced the formation of a 50/50 joint venture with UPM-Kymmene Oyj (UPM) to combine their European graphic paper businesses, including operations in the UK and US. The transaction involves contributing Sappi’s European graphic paper assets at an enterprise value of EUR320 million and UPM’s communication papers at EUR1.1 billion, with net considerations of EUR267 million and EUR740 million respectively. The total purchase consideration is EUR1.42 billion, settled through upfront cash, equity subscriptions, and shareholder loans. The deal aims to reduce Sappi’s exposure to declining graphic paper markets, improve operational efficiency, and strengthen its balance sheet. The transaction is subject to regulatory approvals, including a Phase II review by the European Commission, and shareholder approval at a general meeting. A circular with full details will be distributed by 30 June 2026.
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