All conditions for the acquisition of 90.38% of the outstanding shares in Olmuksan International Paper Ambalaj Sanayi ve Ticaret have been satisfied for a total consideration of €66m (£57m). The implied enterprise value on a 100% basis would amount to around €88m.

Listed on the Istanbul stock exchange, Olmuksan’s network of five plants provides a diverse customer base with high quality sustainable packaging for food, beverage, agriculture, and industrial applications.

Surrey-headquartered Mondi had already operated four corrugated packaging plants and a recycled containerboard paper mill in Turkey, as well as three flexible packaging sites.

Mondi group chief executive Andrew King said the company was delighted to have completed the acquisition, which was announced on 5 January 2021.

“[This] significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region. We look forward to welcoming the Olmuksan team to Mondi.”

Mondi will now launch a mandatory tender offer to acquire the remaining 9.62% of outstanding shares in the company that it does not already own.

For the twelve months ended 30 September 2020, Olmuksan produced 256,000 tonnes of corrugated packaging and generated revenues of around £130m. In 2020, Mondi recorded a turnover of €6.66bn and underlying EBITDA of €1.35bn.