HONG KONG - Isola Castle, a subsidiary of pulp and paper giant, Asia Pacific Resources International, has received regulatory approval for its acquisition of Asian hygiene company Vinda International.
The approval follows Isola’s bid to acquire 100% of Vinda shares from health and hygiene giant Essity for HK$23.50 per share. Essity said it supported the offer and signed a binding undertaking to accept the offer in respect of all of its 51.59% shareholding in Vinda.
The price in the public offer will correspond to an equity value of Vinda of approximately HK$28.3 billion (SEK 37.3b).
An exclusive license to continue to market and sell certain Essity branded products will be offered to Vinda after closing of the transaction to replace the existing license agreement.
Vinda is listed on the Hong Kong Stock Exchange and had a market capitalisation of approximately HK$25 billion (SEK 33b) at the end of trading on December 14, 2023.
Vinda’s net sales in 2022 amounted to approximately SEK 25.1 billion and EBITA amounted to approximately SEK 1.1 billion. Of Vinda’s net sales, 83% were related to tissue and 17% were related to personal care.
