Papierfabrik Palm Expands with Acquisition of Five Corrugated Board Plants
Deal News | Apr 16, 2025 | Gleiss Lutz
Gleiss Lutz, a law firm, has advised Papierfabrik Palm GmbH & Co. KG, a prominent player in the European paper and corrugated board industry, on its strategic acquisition of five corrugated board plants from International Paper. This acquisition, involving plants located in France, Spain, and Portugal, is part of PALM's strategy to expand its geographical presence in Western Europe. The acquisition requires completion of statutory employee participation procedures in France, and must gain approval from the European Commission and French antitrust authorities. The deal is set to close by the end of Q2 2025. International Paper agreed to sell these plants as a condition imposed by the European Commission for its takeover of DS Smith. The transaction showcases a collaborative effort by Gleiss Lutz, which included expertise in M&A, Banking & Finance, Tax, IP/Tech, and Competition/Antitrust, and was further supported by law firms Macfarlanes, Gide Loyrette Nouel, and Pérez-Llorca across multiple jurisdictions.
Sectors
- Paper and Packaging
- Legal Advisory
Geography
- Germany – Papierfabrik Palm is headquartered in Aalen, Germany, and is central to the transaction.
- France – Three of the plants being acquired are located in France, and the transaction requires compliance with French statutory procedures.
- Spain – One of the plants involved in the acquisition is located in Bilbao, Spain.
- Portugal – The transaction includes a plant located in Ovar, Portugal.
- United States – International Paper, the selling company, is a major packaging manufacturer based in the U.S.
Industry
- Paper and Packaging – This acquisition involves companies specializing in paper and corrugated board, key components of the broader packaging sector.
- Legal Advisory – Gleiss Lutz and associated law firms provided comprehensive legal services related to M&A, antitrust, and cross-border transactions.
Financials
- EUR 2 billion – Reported as revenues for Papierfabrik Palm in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Papierfabrik Palm GmbH & Co. KG | Buyer/Target Company | Company | A leading European papier and corrugated board company based in Germany. |
| International Paper | Seller | Company | The largest U.S. packaging manufacturer, divesting plants as part of regulatory requirements. |
| Gleiss Lutz | Legal Advisor | Company | Provided M&A and other legal advisory services to Papierfabrik Palm. |
| Macfarlanes | Legal Advisor (UK Law) | Company | Supported the transaction under UK law. |
| Gide Loyrette Nouel | Legal Advisor (French Law) | Company | Advised on legal aspects concerning French jurisdiction. |
| Pérez-Llorca | Legal Advisor (Spanish and Portuguese Law) | Company | Provided legal support for the transaction involving Spanish and Portuguese jurisdictions. |