Oceanwood new owner of Norske Skog

Friday 11 May 2018

 
Oceanwood has entered into a sale and purchase agreement to buy the entire issued share capital of Norske Skog AS (Norske Skog). Following a four-month competitive auction process, in which more than 100 prospective bidders were approached, Oceanwood emerged as the winning bidder.

The acquisition is subject to Oceanwood obtaining the relevant antitrust and other regulatory approvals in the countries concerned, including Australia and New Zealand, which is currently anticipated to take between four and six months to obtain.

Sven Ombudstvedt, the chairman of the board of Norske Skog AS, says: “This is one of the most important milestones for the Norske Skog Group in recent years. It concludes almost two years of relentless efforts and engagement to address the Norske Skog Group’s excessively levered capital structure.. The board of Norske Skogindustrier ASA had filed for bankruptcy in December 2017.

Lars P. S. Sperre, the President and CEO of Norske Skog says: With Oceanwood as a financially strong new owner, the Norske Skog Group and our employees now have a unique opportunity to further develop a sustainable business platform capable of strengthening our core business and investing in promising new growth projects.

About Norske Skog

Norske Skog is a leading producer of publication paper with strong market positions in Europe, where it occupies a top-tier publication paper position, and Australasia, where Norske Skog is a leading producer of publication paper in a concentrated market.

Norske Skog operates a total of seven profitable paper mills with total paper production capacity of 2.7 million tons, comprising 1.8 million tons of newsprint and 0.9 million tons of magazine paper (supercalandered and coated mechanical).

About Oceanwood

Oceanwood is an independent investment management firm founded in 2006. Located in London and Malta, the firm manages over US$2 billion of capital, primarily for public pension plans and other institutional investors.

For more information on the announcement click here.

Source: Norske Skogindustrier ASA (Norske Skog)

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