VPK Packaging Group NV (ENXTBR:VPKB) and Klingele Papierwerke GmbH & Co. KG signed an agreement to acquire UPM Stracel paper mill in France from UPM-Kymmene Oyj (HLSE:UPM1V) for €100 million on January 24, 2013. Pursuant to the transaction, approximately 130 new jobs are expected to be created which will be offered to former Stracel employees.

The transaction is subject to fulfilment of all legal and administrative conditions and is expected to be closed during March 2013. Alexandre Ancel of Allen & Overy LLP acted as legal advisor for VPK Packaging Group. Matthieu Tampé, Julie Van de Velde of Ernst & Young Corporate Finance acted as financial advisor for UPM-Kymmene Oyj.

Jean-Claude Cotoni and Gwen Senlanne of Freshfields Bruckhaus Deringer LLP acted as legal advisor to UPM-Kymmene.