International Paper, a Tennessee-based global paper and packaging company, has acquired a 75% stake in Andhra Pradesh Paper Mills (APPM). International Paper purchased 53.5% of APPM’s shares from LN Bangur and related family members and affiliates for approximately US$257 million cash and a non-compete payment of US$62 million.
The company also acquired 21.5% of the minority shares in a public tender offer completed on 8 October for approximately US$104 million in cash, giving it a controlling stake in the Indian company.
The purchase is the biggest acquisition in the history of the Indian paper industry.
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