Stora Enso Oyj (HLSE:STERV) agreed to acquire De Jong Packaging Group for €1.1 billion on September 8, 2022. The enterprise value of the transaction is approximately €1,020 million of which €250 million is IFRS lease liabilities. The enterprise value corresponds to a multiple of 8.9, based on an adjusted EBITDA of €114 million for 2022.

Stora Enso may in 2024, make a maximum additional earn-out payment in cash of €45 million, subject to De Jong Packaging Group achieving certain earnings thresholds. De Jong Packaging reported €1 billion in sales. The transaction is subject to employee consultation and regulatory approval.

The acquisition of De Jong Packaging Group has been approved by Stora Enso's Board of Directors. Closure of the transaction is expected at the beginning of 2023. The transaction is expected to be EPS accretive from the first year.

Stifel and KPMG acted as Stora Enso's advisors in this transaction. Gijs Linse of Allen & Overy Amsterdam acted as legal advisor to Stora Enso Oyj (HLSE:STERV).