Sylvamo Enters Put Option Agreement To Sell Its Europe Business, Including Uncoated Freesheet Paper Mills In France And Sweden, As Well As Forestry Operations; Terms Not Disclosed
Benzinga Newsdesk 4 hours ago
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Put option agreement with Midas Atlantic Partners, in partnership with The Najafi Companies, for a binding offer to acquire the company’s Europe business, including its uncoated freesheet paper mills in Saillat, France,
Put option agreement with Midas Atlantic Partners, in partnership with The Najafi Companies, for a binding offer to acquire the company’s Europe business, including its uncoated freesheet paper mills in Saillat, France, and Nymolla, Sweden, as well as its forestry and supporting business operations.
Sylvamo will conduct applicable consultation processes with works councils and employee representatives in accordance with local laws before making any final decision. Once consultation processes are complete, the parties expect to enter into a definitive share purchase agreement to transfer the business to Midas Atlantic Partners with an agreed level of working capital and cash in exchange for the right to receive 20% of future distributions. Closing is expected by the end of the first quarter of 2027.