Slaughter and May is advising Essentra plc on the sale of its packaging business

Slaughter and May is advising Essentra plc (“Essentra”) on the sale of its packaging business to Mayr-Melnhof, a leading producer of carton board and folding cartons based in Austria, for a cash consideration of £312 million, on a cash-free, debt-free basis, and subject to customary adjustments.

In 2021, Essentra announced the strategic review of its packaging and filters businesses, the goal of which was to become a pure play components business over time. The transaction marks a significant step towards that goal.

The transaction is subject to various conditions including a shareholder vote for Essentra. Essentra expects that, subject to the satisfaction and/or waiver (where applicable) of the conditions, completion will occur in Q4 2022.

Slaughter and May, led by corporate partners Jeff Twentyman and Sally Wokes, have been working closely with the Essentra legal team, led by Jon Green.