Cascades sells controlling interest in Reno De Medici to Apollo
Clients Cascades, Inc.
Jones Day is representing Cascades Inc. (TSX: CAS) in the sale of its 57.6% interest in dual-listed Reno De Medici S.p.A., a recycled cartonboard manufacturer listed on the Italian stock exchange (BIT: RM) and on the Madrid stock exchange (BME: RDM) with a market cap in excess of €500 million, to an affiliate of funds managed by Apollo Global Management, Inc. (NYSE: APO) for an all-cash purchase price of €1.45 per share, corresponding to an overall consideration of €315.3 million.
The transaction is subject to customary closing conditions, including obtaining required antitrust approvals, and closing is expected to take place in Q3 2021.
Apollo’s acquisition of Cascades Inc.’s controlling interest in Reno De Medici will trigger a mandatory tender offer for all remaining shares in Reno De Medici.