Industrials

    Nippon Paper’s acquisition of Orora’s Australasian Fibre Packaging Business

    Nippon Paper Industries Co. Ltd’s acquisition of Orora’s Australasian Fibre Packaging Business, creating a leading integrated paper and fibre packaging business across Australia and New Zealand.

    Sector Industrials
    Sub-sector Retail
    Location Australia

    Opportunity

    Nippon Paper sought to acquire Orora Limited’s Australasian Fibre Packaging Business (Opal) which, along with its existing Australian Paper business, would create a leading integrated paper and fibre packaging business across Australia and New Zealand, and significantly increase Nippon Paper’s downstream presence.

    Approach

    Macquarie Capital’s deep understanding of the Australasian paper and packaging industry as well as Opal’s relationship with Australian Paper enabled knowledgeable and relevant advice throughout the transaction process.

    Australian and Japanese teams provided seamless advice and transactional support throughout all levels of Nippon Paper’s international organisation.

    Broad and deep assistance was provided to Nippon Paper across several areas including detailed end market and customer assessments, technical / modelling and valuation analysis, negotiation of transaction documentation and commercial terms, and broad due diligence co-ordination.

    Outcome

    Macquarie Capital helped Nippon Paper to navigate the transaction process through unprecedented challenges arising from the severe Australian drought and bushfires as well as COVID-19 impacts.

    The acquisition has enabled Nippon Paper to create a leading vertically integrated paper and fibre packaging business across Australia and New Zealand.

    The transaction was Nippon Paper’s first major step into downstream paper converting operations in Australia.

    Australia’s largest paper and packaging transaction in over 10 years1

    5th largest global paper and packaging transaction in past seven years1

    Complex corporate carve out

    Multi-faceted program of separation / integration due to significant amount of shared services and platforms

    Creation of a leading integrated paper and fibre packaging business across Australia and New Zealand

    An important milestone in the execution of Nippon Paper’s global growth strategy

    1. As at the date of announcement (10 October 2019).

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