Kokusai Pulp&Paper Co.,Ltd. (TSE:9274) entered into a share purchase agreement to acquire 75.2% in Antalis Société anonyme (ENXTPA:ANTA) from Sequana SA for €5.3 million on May 19, 2020. Kokusai Pulp & Paper Co., Ltd. will acquire 53.4 million shares at €0.1 per share, subject to limited downward price adjustment on the closing date, as the case may be. The transfer of shares is subject to the receipt of a release of pledges from Bpifrance Participations SA and Impala Security Solutions B.V. on Antalis shares currently held by Sequana as well as other customary conditions precedent.

The transaction is not subject to the approval of the French, European or foreign competition authority in charge of merger control. The deal is expected to close in early July 2020. Goldman Sachs acted as financial advisor in the transaction. De Pardieu Brocas Maffei acted as legal advisor to Kokusai Pulp & Paper Co., Ltd. Darrois Villey Maillot Brochier and Cleary Gottlieb Steen & Hamilton LLP (France) acted as legal advisor to Sequana SA. Fabienne Beuzit and Diane Senechal of Jones Day acted as legal advisor to Antalis Société anonyme. Change acted as legal advisors in the transaction. Saam Golshani, Alexis Hojabr, Franck De Vita, Samir Berlat, Alexandre Jaurett, Estelle Philippi, Ben Davies and Nicholas Greenacre of White & Case acted as legal advisor to the senior secured lenders to Antalis namely, Kartesia, CVC, Cheyne and Whitebox as well as BNP Paribas, Natixis and HSBC.