Freshfields advises UPM on €1.42bn graphic paper joint venture with Sappi

Global law firm Freshfields has advised UPM-Kymmene Corporation on the negotiation of a definitive agreement with Sappi Limited to form a non-listed, independent 50/50 joint venture for graphic paper. This joint venture will bring together UPM’s Communication Papers business with Sappi’s European graphic paper business.

The contributed businesses are valued at a combined enterprise value of €1.42bn, with UPM Communication Papers at €1.1bn and Sappi’s European business at €320m. The joint venture seeks to secure supply continuity for graphic paper customers in Europe and strengthen the resilience of the entire European graphic paper industry.

Completion of the transaction is subject to review by the European Commission and by authorities in other jurisdictions, including the US and China. Closing is expected by the end of 2026, subject to regulatory approvals and other closing conditions.

The Freshfields transaction and M&A team was led by Partner Patrick Cichy (Hamburg/Frankfurt) and Principal Associates Benjamin Jung, Simon Schulte-Lübberding and Valentin Müller (all Hamburg).

The merger control team was led by Partners Frank Montag, Tone Oeyen, Vanessa van Weelden and Principal Associate Aurélie Morreale (all Brussels).

The Freshfields team further included:

Partners: Martin McElwee (Antitrust, London/Brussels), Farid Sigari-Majd (Corporate/M&A, Vienna), Simone Bono (London), Nina Heym (Frankfurt, both Finance), Philipp Dohnke, Elisabeth Wulf (both IP/IT, Hamburg), Stefan Schröder (Düsseldorf), Michael Ramb (Düsseldorf/Berlin), Stephan Denk (Vienna, all Regulatory), Thomas Granetzny (Employment Law, both Düsseldorf), Alexander Schwahn (Tax, Hamburg)

Counsel: Marius Scherb (Hamburg), Alexander Ruschkowski (Frankfurt), Bert Spijkervet (Amsterdam, all Corporate/M&A), Tom Morgan (Antitrust, New York), Shruti Dusaj (Finance, London), Leonhard Prasser Employment Law, Vienna), Björn Junior (Tax, Hamburg)

Principal/Senior Associates: Friederike Sibbe, Nina Gissinger (both Corporate/M&A, Hamburg), Michael Bo Jaspers (Brussels), Javier Fernández (Madrid), Manuel Jäger (Düsseldorf), Caroline Chew (London, all Antitrust), Symon Rowley (Employment Law, London)

Associates: Martin Hadler, Robin-René Hartung, Valentin Bingger, Aleksandar Atanasov, Florian Nicolas Schröder, Julia Suttrup, Christoph Beckmann (all Hamburg,all Corporate/M&A), Alexandra Ivakhnik, Gisela Santos, Lara Rudnik, Victoria Delettre, Gozde Cevik, Leonardo Stiz (all Brussels), Sarah Mitchell (London), João Azambuja, Signe Sildever (both Brussels), Isabella Graham (London), Charlotte MacNamara (London, all Antitrust), Maria Kern, Ornella Trost (both Regulatory, Düsseldorf), Fabienne Gieshoidt (Tax), Dominik Storms (Employment Law, both Hamburg)

Senior Transaction Lawyers: Franz Dahl (Hamburg), Roxana Botezatu (Berlin)

Legal Consultant: Greta Fantoni (Antitrust, Brussels)