Slaughter and May is advising DS Smith on its fully underwritten rights issue to raise approximately £1,000 million in connection with its proposed acquisition of Europac

Slaughter and May is advising DS Smith plc, a leading international packaging business, on its fully underwritten rights issue to raise approximately £1,000 million (c.€1,148 million) net of expenses (the Rights Issue). The Rights Issue was announced on 19 June 2018 in connection with the proposed acquisition of Papeles y Cartones de Europa, S.A., known as “Europac”, a leading Western European integrated packaging business (the Acquisition). 

The Acquisition was announced on 4 June 2018 and will be structured by way of voluntary cash tender offer for the entire share capital of Europac, listed on the stock markets of Madrid and Barcelona. The offer price of €16.80 per share values Europac at €1,667 million (£1,453 million). Subject to the satisfaction of the conditions to the Acquisition, including the receipt of regulatory approvals, the Acquisition is anticipated to complete during Q4 2018.

Slaughter and May is supporting the in-house legal team at DS Smith, led by Iain Simm (General Counsel and Company Secretary), and working as an integrated team with Pérez-Llorca, which is advising in relation to the Spanish law aspects of the Acquisition.