UK-based packaging business DS Smith has signed an agreement to acquire Romania’s integrated packaging and paper group EcoPack and EcoPaper for an enterprise value of nearly €208m.

EcoPack and EcoPaper primarily cater to the local FMCG. This year, it has also developed a new machine that produces lightweight paper to support performance packaging solution processes.

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The acquisition is expected to strengthen DS Smith’s capacity to serve its customers in the country, as well as expand its presence in Eastern Europe.

“This exciting acquisition will further expand our position.”

DS Smith Group chief executive Miles Roberts said: “We continue to grow very strongly throughout Eastern Europe.

“This exciting acquisition will further expand our position and capability, providing an important platform for the continued development of our innovative ‘performance packaging’ programme in the region.”

DS Smith expects that the addition of this group to its portfolio will expand its customer and asset base while creating significant cost synergies.

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Under the transaction, DS Smith will pay €208m, which includes the acquisition consideration and repayment of debt.

It has planned to use its existing cash and debt facilities, as well as issue €35m worth of DS Smith shares to finance the deal.

The acquisition is expected to be completed by the third fiscal quarter, subject to Romanian Competition Authority approval and completion of other customary closing conditions.