White & Case Advises Ahlstrom-Munksjö Oyj on Investor Consortium's Recommended Public Cash Tender Offer

Global law firm White & Case LLP has advised Ahlstrom-Munksjö Oyj on Spa Holding 3 Oy's recommended cash tender offer for all the shares in Ahlstrom-Munksjö.

"Having first represented Munksjö on the merger with Ahlstrom in 2016-2017, we have now advised Ahlstrom-Munksjö on this important transaction," said Helsinki-based White & Case partner Petri Avikainen, who led the Firm's deal team. "It will enable Ahlstrom-Munksjö to seek further and faster growth in a changing and competitive market environment, and again demonstrates the ability of White & Case to advise clients on demanding, cross-border transactions via our global service offering."

An investor consortium including Spa (BC) Lux HoldCo S.à r.l., a vehicle owned and controlled by funds managed or advised by Bain Capital Private Equity (Europe), LLP and/or its affiliates and Ahlstrom-Munksjö's existing shareholders Ahlstrom Invest B.V. (an indirect subsidiary of Ahlström Capital Oy), Viknum AB and Belgrano Inversiones Oy, has been formed to make the tender offer through Spa Holdings 3 Oy, which on September 24, 2020 signed a Combination Agreement with Ahlstrom-Munksjö under which it has agreed to make a voluntary recommended cash tender offer for all of the issued and outstanding shares in Ahlstrom-Munksjö. The terms of the tender offer value the entire issued and outstanding share capital of Ahlstrom-Munksjö at approximately €2.1 billion. 

Listed on the Nasdaq Helsinki and Nasdaq Stockholm stock exchanges, Ahlstrom-Munksjö is a global leader in fiber-based materials, supplying innovative and sustainable solutions to its customers.

The White & Case team which advised on the transaction was led by partner Petri Avikainen (Helsinki) and includes partners Timo Airisto, Tanja Törnkvist (both Helsinki), Nicholas Greenacre, Colin Harley, Richard Jones (all London), Alexandre Jaurett (Paris), Johan Thiman, Henrik Wireklint (both Stockholm) and Frank-Karl Heuchemer (Frankfurt), and associates Krista Rekola, Micke Kari, Liisa Rekola, Kasper Paasikallio, Tommi Kolehmainen, Samuel Salmivirta (all Helsinki), Sarah Taylor, Francesca MacSwiney (both London), Antonia Severin, Daniel Hogström, Johanna Wagner (all Stockholm) and Sonja Sehr (Frankfurt).

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