PACCOR Packaging GmbH signed an agreement to acquire Miko Pac NV from Miko NV (ENXTBR:MIKO) for approximately €110 million on March 30, 2021. Post acquisition, Miko Pac will be integrated into PACCOR and its operational management will remain in the hands of its former Co-owners and Managing Directors, Kristof Michielsen and Karl Hermans. In a related transaction, Paccor had acquired the majority stake in rigid barrier packaging manufacturer EDV Packaging in 2019 and had recently announced plans to invest €40 million to meet the growing demand for sustainable packaging products.

The transaction is subject to approval by the relevant competition authorities and is expected to complete in the second quarter of 2021. Miko Pac reported a turnover of €107.3 million and an EBITDA of €18.4 million. As of June 1, 2021, competition authorities approved the transaction.

Frank Schlobach, Patrick Reuter, Katja Lehr and Yvonne Gerster of Gleiss Lutz acted as legal advisor to PACCOR Packaging GmbH. MP Corporate Finance GmbH acted as financial advisor to the PACCOR Packaging GmbH. acted as legal advisor to PACCOR Packaging GmbH in the transaction.