DS Smith and the Spanish group Unipapel have completed the Spicers deal on 29 December. According to DS Smith, the enterprise value for its office supplies unit Spicers is £200m. Net proceeds from the transaction, after tax and related costs, are said to be approximately £160m. The British group now says it will focus on its core packaging business.
Following the acquisition of Spicers' pan-European business from DS Smith, Unipapel has immediately sold Spicers divisions in the UK and Ireland to Better Capital's BECAP Fund for a total consideration of £32m. Spicers companies in Spain, France, Germany, Italy, Belgium and the Netherlands will remain under the ownership of Unipapel.
The European Commission has cleared the acquisition of Spicers' office supplies business in continental Europe by Unipapel on 21 December, after the EC's investigation confirmed that no competition concerns would have been raised.