Corrugated

By DS Smith plc

DS Smith plc confirms the proposed acquisition of Papeles y Cartones de Europa, S.A., known as Europac. The offer price of €16.80 per Europac share, valuing the entire share capital of Europac at €1,667 million (£1,453 million), with an implied enterprise value of €1,904 million (£1,659 million) represents an EV/EBITDA multiple of 8.4 times Europac’s LTM EBITDA to 31 March 2018 including the full run rate of pre-tax cost synergies.