Mondi wraps Russian exit with paper-mill sale
Paper- and paperboard packaging converting giant Mondi plc has agreed to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar (above), together with two affiliated entities to Sezar Invest LLC for approximately US$826 million. Mondi confirms that both the Russian Federation’s Federal Anti-Monopoly Service and Government Sub-Commission for the Control of Foreign Investments have approved the divestiture.
The total cash consideration of RUB 80 billion will be paid to Mondi in RUB and in six monthly installments. Once the first four monthly installments have been paid to Mondi, expected to be by the end of 2023, the divestiture will be complete and ownership of Mondi Syktyvkar will transfer to Sezar Invest and, accordingly, Mondi will have completed its exit from Russia.
It is intended that net proceeds from the sale will be distributed to Mondi shareholders in a timely manner once all installments of the consideration are received.