Huhtamäki Oyj entered into an agreement to acquire Elif Holding A.S for approximately €410.
August 15, 2021
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Huhtamäki Oyj (HLSE:HUH1V) entered into an agreement to acquire Elif Holding A.S for approximately €410 on August 16, 2021. Consideration will be cash free debt free. The business will become part of Huhtamaki’s Flexible Packaging business segment. To support the financing of Huhtamaki’s acquisition of Elif, Huhtamäki Oyj has signed a bridge financing facility of €424.46 million ($500 million). Post completion, Elif’s Group Chief Executive Officer Selçuk Yarangumelioglu, Elif’s Group Chief Financial Officer Selçuk and MEA GM Mehmet Çayirezmez, the leadership team and the entire Elif organization to the Huhtamaki. Both companies will continue to operate on a business-as-usual basis until closing. In 2020, Elif’s net sales were approximately €163 million. The transaction is subject to the approval of competition authorities in Turkey, and it is expected to be closed after regulatory approval. Citigroup Inc. (NYSE:C) acted as financial advisor to Huhtamäki Oyj.
Huhtamaki Oyj specializes in developing, manufacturing and marketing paper, cardboard and plastic packaging. Net sales break down by market as follows:
- outside catering (59.7%): disposable packaging and tableware for the fast-food professionals and vending machine. Net sales break down by geographic area between North America (58.5%) and Europe/Asia/Oceania (41.5%);
- food processing industry and consumer goods (40.3%): flexible packaging, films, molded fiber packaging, etc. for the packaging of food, cosmetics, household products, etc.
Net sales are distributed geographically as follows: Finland (1.8%), the United States (34.9%), Germany (10.5%), the United Kingdom (7.8%), India (6.3%), Turkey (4.2%), Australia (4.2%) , Thailand (3.8%), Poland (3%), South Africa (2.8%), Czech Republic (2.5%), and other (18.2%).
HUHTAMÄKI OYJ 
