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Davy advises Smurfit Kappa on their €660m Equity Fundraise

20th November, 2020

Davy acted as Joint Bookrunner and Joint Global Co-Ordinator on an accelerated bookbuild placing of 8.1% of the issued share capital of Smurfit Kappa Group plc (“Smurfit Kappa” or the “Group”), raising gross proceeds of €660m.

Transaction Highlights

Accelerated bookbuild structure, launched after market close. Placing price following completion of bookbuild of €34, a discount of 5.8% to the closing price. Book was multiple times over-subscribed quickly after launch, with strong support from existing shareholders and new investors from the UK, Europe and the US.

Company Overview

Smurfit Kappa, a FTSE 100 company, is one of the leading providers of paper-based packaging solutions in the world, with approximately 46,000 employees in over 350 production sites across 35 countries and with revenue of €9.0 billion in 2019.

Background to the Transaction

The Placing positions the Group to capitalise on €1.2bn to €1.4bn of significant investment opportunities identified by the Group. Increased investment in the business will enable the Group to strengthen its partnerships with customers through innovation and added-value products, and to capitalize on the drivers of growth in the industry as e-commerce penetration deepens and consumer demand for sustainable packaging increases.

Davy Value Add

Davy acted as Joint Bookrunner and Joint Global Co-Ordinator. Davy is proud to have served as Corporate Broker to Smurfit Kappa since its IPO in 2007.

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