Mativ Holdings, Inc. announced that it has received a binding offer from Evergreen Hill Enterprise, Pte. Ltd., to acquire Mativ’s Engineered Papers business, part of Mativ’s Fiber Based Solutions reporting segment, for $620 million.
Subject to customary closing date adjustments, Mativ expects to receive net proceeds (net of taxes and other items) of approximately $575 million in the proposed transaction, which would be primarily used for debt paydown.
The proposed transaction will also be subject to customary closing conditions, including regulatory approvals and satisfaction of the consultation process with the applicable works councils in France, and is expected to close in the Q4 2023.
The potential buyer is expected to fund the proposed transaction with existing cash balance and is not dependent on capital markets for financing.
Mativ Holdings, Inc. is a global leader in specialty materials headquartered in Alpharetta, Georgia.
