Cascades to divest controlling stake in Reno de Medici to Apollo Global Management

Business update sign.
RDM will continue to benefit from increasing shifts in consumer preferences
and EU regulations supporting the use of recycled fibers, Apollo explained.
06 Jul 2021 − 

Apollo Global Management plans to take Europe's second largest recycled cartonboard manufacturer private.

Canada's paper, board and packaging company Cascades will end its "operating history" in Europe. The company announced it entered into an definitive agreement with Apollo Global Management to sell its 57.6 per cent equity interest in Reno De Medici (RDM).

In addition to the shares held by Cascades, Apollo will also acquire additional RDM-shares currently held by Caisse de dépot et placement du Québec. This would bring Apollo'shareholding in RDM to approximately 67 per cent, Apollo announced.

According to the companies involved, the all-cash price per RDM-share amounts to €1.45. The closing of the transaction is expected for the third quarter 2021. The deal was subject to customary closing conditions, including required merger control approvals, Cascades and Apollo announced.

Upon closing, Apollo would launch a mandatory tender offer for the remaining shares, with the aim to de-list Reno de Medici, the company explained.

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