Huhtamaki has entered into an agreement to acquire Elif Holding A.Ş. (Elif), a major supplier of sustainable flexible packaging to global FMCG brand owners, with operations in Turkey and in Egypt.
Charles Héaulmé, President and CEO of Huhtamaki: “I am thrilled to announce this acquisition. With a great portfolio, a strong focus on sustainability and high growth ambitions, Elif is a perfect fit for Huhtamaki. I am delighted to welcome Elif’s Group CEO Selçuk Yarangűmelioğlu, Elif’s Group CFO and MEA GM Mehmet Çayirezmez, the leadership team and the entire Elif organization to the Huhtamaki family.”
Huhtamaki will acquire Elif for a cash free debt free purchase price of Euro 412 million ($483 million). The business will become part of Huhtamaki’s Flexible Packaging business segment. To support the financing of Huhtamaki’s acquisition of Elif, Huhtamäki Oyj has signed a bridge financing facility of $500 million with Citi, who has also acted as an advisor in the transaction.
The transaction is subject to the approval of competition authorities in Turkey, and it is expected to be closed after regulatory approval. Both companies will continue to operate on a business-as-usual basis until closing.
Huhtamaki is a key global provider of sustainable packaging solutions .
