German antitrust authorities have finalized their analysis and cleared the acquisition. Inapa will become the leading paper distribution group in Western Europe after the transaction, expected to be completed within 30 days.
German antitrust authorities have completed the verification of the sale of Papyrus Deutschland GmbH & Co. KG (Papyrus) to the Inapa Group (Inapa). Inapa, which is already active on the paper wholesale market in Germany through its subsidiary Papier Union GmbH (Papier Union), taking over the shares previously held by OptiGroup.
On October 24, 2018, Inapa and Optigroup signed a binding agreement to combine their respective paper distribution operations in Germany, Papyrus and Papier Union, creating a stronger paper merchant in the German market. At this point, all conditions of the share purchase agreement have been met and it is expected that the closing of the transaction will happen in the next 30 days.
By joining the two operations, Inapa Group will optimize synergies and complement the activity carried out by Papyrus, which had a turnover of 569 million euros in 2018, with its German subsidiary, Papier Union, which had a turnover of 380 million euros.
‘Of course we are pleased about the approval of the antitrust authorities, as the period of uncertainty is over. This transaction is a milestone for Inapa Group, due to its size and synergies potential. The closing of the transaction is planned to be quick, so that we can begin to shape the future, with a close cooperation between Papyrus and Papier Union’ states the Group CEO, Diogo Rezende.
‘This transaction is a milestone and will further strengthen the position of Inapa, growing the Group’s topline in more than 50% and becoming the leading Western European paper merchant. The Group will have a leading position in Germany, France and Portugal. Optigroup investment in the convertible bonds that it will be issued by Inapa, clearly shows that they also believe in the value creation potential of this transaction’’ comments Diogo Rezende.
About Inapa Group
Founded in 1965, the Inapa Group occupies a position of reference in the European paper distribution market and holds prominent positions in the distribution of packaging and visual communication, with annual sales of 860 million euros. It is the only Portuguese multinational company listed in the paper distribution sector in Europe.
With a team of 1350 employees, the Inapa Group operates in 10 countries - Germany, France, Spain, Portugal, Belgium, Luxembourg, Austria, the Netherlands, Turkey and Angola.