Orlando-Equity Holding Limited entered into an agreement to acquire 90.02% stake Paperpack A.B.E.E. from family of Ioannis John P. Tsoukaridis and fifteen other shareholders for €23.7 million.

Orlando-Equity Holding Limited entered into an agreement to acquire 90.02% stake Paperpack A.B.E.E. (ATSE:PPAK) from family of Ioannis John P. Tsoukaridis and fifteen other shareholders for €23.7 million on December 23, 2020. Pursuant to the terms, Orlando-Equity will pay €6.66 per share. Post-completion, Orlando-Equity will be obliged to submit a mandatory tender offer to acquire the remaining shares and will de-list Paperpack from the Athens Exchange. Orlando-Equity intends to retain Ioannis Tsoukaridis, Current Chairman and Chief Executive Officer of Paperpack as an Honorary Chairman of the board of directors, the independent board members and all senior management of Paperpack. The transaction is subject to fulfilment of certain conditions precedent and is expected to be completed by the end of December 2020. MP Corporate Finance and PotamitisVekris law partnership acted as advisors to Ioannis Tsoukaridis. Kyriakides Georgopoulos & Daniolos Issaias Law Firm acted as legal advisor for Orlando-Equity. MP Corporate Finance GmbH acted as financial advisor to Paperpack A.B.E.E.