Oceanwood Capital places winning bid for Norske Skog

07 May 2018 − 

London based investment firm Oceanwood Capital is to become the new owner of Norske Skog. The company reportedly emerged the winning bidder in the auction process for Norway's insolvent publication paper manufacturer.

Oceanwood Capital Management has won the auction process for Norway's newsprint and magazine paper manufacturer Norske Skog and has entered into a sale and purchase agreement to buy the entire issued share capital of Norske Skog AS.

According to Norske Skog, Oceanwood Capital offered the highest value in cash for the shares and the intercompany loans. Net cash proceeds after adjustments are estimated at approximately EUR 235 million.

The transaction is expected to be completed in the second half of this year. The acquisition was subject to antitrust and other regulatory approvals in the countries concerned and it would take Oceanwood between four and six months to obtain the necessary approvals, Norske Skog explained.

Stay tuned to our website for further coverage on Norske Skog.

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