Ahlstrom-Munksjö in Take Private Transaction

September 24, 2020

Cleary Gottlieb is advising Ahlstrom-Munksjö on the antitrust aspects of Ahlstrom-Munksjo Oyj’s take private deal with a consortium of buyers.

On September 24, 2020, Ahlstrom-Munksjo agreed to be taken private by a consortium of buyers, including private equity firm Bain Capital and three of the company’s existing shareholders, in a deal steered by five firms that values the fiber solutions company’s equity at €2.1 billion.

Spa Holdings 3 Oy and Ahlstrom-Munksjö entered into a combination agreement pursuant to which the Spa Holdings 3 Oy will make the tender offer for all of the issued and outstanding shares in Ahlstrom-Munksjö, excluding shares held by Ahlstrom-Munksjö and its subsidiaries.

Bain Capital, Ahlström Capital, Viknum, and Belgrano Inversiones formed a consortium for the purposes of the tender offer. After the deal, Bain Capital will indirectly own 55%, Ahlström Capital will indirectly own approximately 36% and Viknum will indirectly own approximately 9% of the ordinary shares in Ahlstrom-Munksjö.

The tender offer is currently expected to be completed during the second quarter of 2021 and is subject to regulatory approvals in various jurisdictions.