Mativ signs definitive agreement to sell Engineered Papers business for $620M cash

Mativ Holdings, Inc.

Purchase Agreement countersigned Oct 4, 2023 after French works council consultation completed.
Base purchase price of $620M in cash, subject to customary closing adjustments for working capital, cash, debt, and transaction expenses.
Closing subject to regulatory approvals including antitrust clearances in U.S., Poland, and Turkey.
Transaction expected to close upon satisfaction or waiver of customary closing conditions.
Proceeds anticipated to be used for debt reduction and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Mativ Holdings, Inc. entered into Purchase Agreement with Evergreen Hill Enterprise Pte. Ltd., an affiliate of PT Bukit Muria Jaya valued at $620 million (effective 2023-08-01).

Action: entry
Agreement: asset purchase
Counterparty: Evergreen Hill Enterprise Pte. Ltd., an affiliate of PT Bukit Muria Jaya
Value: $620 million
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023, Mativ Holdings, Inc. (“Mativ” or the “Company”) entered into a final, binding and irrevocable offer letter (the “Offer Letter”) with Evergreen Hill Enterprise Pte. Ltd., an affiliate of PT Bukit Muria Jaya (“Buyer”) pursuant to which Buyer made a binding offer (the “Offer”) to acquire the Company’s Engineered Papers business for $620 million in cash

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Source: SEC EDGAR

accession 0001193125-23-250874

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