Sappi Limited (JSE:SAP) entered into a share purchase agreement to acquire Speciality Paper Business from Cham Paper Group Holding AG (SWX:CPGN) for approximately CHF 150 million on December 5, 2017. The transaction includes the acquisition of Cham Paper Group's Carmignano and Condino Mills in Italy, its digital imaging business located in Cham, Switzerland as well as all brands and know-how. Sappi will fund the acquisition through internal cash resources. The Speciality Paper Business of Cham Paper Group will continue to operate separately and independently from Sappi until clearances from the authorities are obtained. In 2016, Speciality Paper Business of Cham Paper Group had a revenue of €183 million (CHF 196.2 million). The acquisition is subject to a number of conditions precedent including the prerequisite approvals of certain anti-trust authorities. Before Christmas, the transaction received antitrust approval in Germany. Approval in Austria was obtained on January 10, 2018. The closing of the acquisition is expected to take place at the end of February 2018. Celedonio Moncayo-Quiros of Pöyry Capital acted as exclusive financial advisor, Werner Berg, Martin Frey, Alexander Blaeser, Pietro Bernasconi, Alessandro Pennisi, Federica Longo, Andreas Traugott, Lisa Weinert, Anita Lukaschek, Mario Kumschick, Giulia Spalazzi, Chiara Sciaraffa and Julia Schieber of Baker & McKenzie LLP acted as legal advisors to Sappi. CCI acted as financial advisor to Cham Paper Group.

Sappi Limited (JSE:SAP) completed the acquisition of Speciality Paper Business from Cham Paper Group Holding AG (SWX:CPGN) on February 28, 2018. All precedent closing conditions have been fulfilled.