Together with an international Norton Rose Fulbright team, DORDA advised Evergreen Hill Enterprise, Pte. Ltd. on the acquisition of 100% of the shares in TANN Group from Mayr-Melnhof Karton AG. The agreed enterprise value amounts to EUR 360 million.
The DORDA team in this successful, cross-border transaction was led by Christian Ritschka (Partner, M&A) with main support from Ulrich Weinstich (Principal Associate, M&A).
TANN Group prints on and finishes externally sourced fine paper to produce tipping paper. As the business is unrelated to cartonboard and consumer packaging, MM has decided to sell it. TANN Group generates annual sales of approximately EUR 220 million. TANN comprises 7 production sites in Austria, China, the Philippines, Turkey, Canada and Germany and a global workforce of around 730 employees.
Based in Singapore, Evergreen Hill Enterprise, Pte. Ltd. is part of an Indonesian-based privately held group of diversified companies serving a wide variety of industries, such as banking, tobacco, consumer electronics, telecommunications, fast moving consumer goods, e-commerce, plantation, hotels & real estate, and many others.
The transaction, which is subject to usual completion conditions and regulatory approvals, is expected to be closed in the first quarter of 2025.