Mercer acquires HIT for €270M, expanding solid wood operations in Germany

MERCER INTERNATIONAL INC.

Purchase price €270M (~$275.4M) includes €43M net working capital; transaction on cash-free, debt-free basis.
HIT is world's largest EPAL pallet producer; Torgau facility processes up to 410 MMfbm lumber, generates 15 MW electricity.
FY2021: net revenues €227M, net income €31M, Adj EBITDA €68M; Q1 2022: revenues €72M, net income €12M, Adj EBITDA €22M.
Expected synergies ~$16M/year within 6-12 months; transaction immediately accretive; expected close Q3/early Q4 2022.
Mercer to become largest German pallet producer; combined lumber capacity ~960 MMfbm; financing via cash and new €300M revolver.

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