Dentons has advised Eren Paper Ltd on the deal.
Eren Paper Ltd, a subsidiary of Modern Karton Sanayi Ve Ticaret A.S., the containerboard and corrugated packaging business of the Turkish industrial conglomerate Eren Holding, executed the acquisition of UPM’s Shotton newsprint mill site in North Wales, United Kingdom and all related assets.
The transaction is expected to be finalized in Q3 2021 and Eren plans to integrate the Shotton site into its existing business units and make further investment at the site, in order to convert the mill into producing cardboard instead of newsprint.
The Renewable Energy Generation plant and Material Recovery and Recycling Facility will continue operations throughout the conversion process, corresponding to their role in the regional utility infrastructure.
Shotton mill is one of the UK’s two newsprint mills and a successful sale of the mill is expected to be welcomed by the UK paper sector, as Shotton will continue as a paper manufacturing base.
Upon completion, the investment by Eren Paper will be the largest foreign direct investment in North Wales.
Dentons’ Istanbul-based Corporate partner Dogan Eymirlioglu (Picture) advised on the transaction.
Involved fees earner: Do?an Eymirlio?lu – Dentons;
Law Firms: Dentons;
Clients: Eren Paper;