Nitto’s Acquisition of Mondi’s Personal Care Components Business

Hengeler Mueller advised Nitto with Japanes law firm Nagashima Ohno & Tsunematsu on the transaction. Linklaters advised Mondi plc.

Mondi plc entered into an agreement to sell its Personal Care Components business (‘PCC’) to Nitto Denko Corporation for an enterprise value of €615 million, which is also the approximate cash consideration payable to Mondi at completion.

The PCC unit manufactures a range of components for personal and home care products such as diapers, feminine care, adult incontinence and wipes. The transaction is subject to merger control clearance and other customary closing conditions. Completion is expected in the second half of 2022.

Nitto is a leading global manufacturer of high functional materials for electronics, mobilities and human life applications following its ‘Global Niche Top Strategy’, headquartered in Japan and listed on the Tokyo Stock Exchange. Nitto’s acquisition of PCC is aligned with its stated mid-term management plan ‘Nitto Beyond 2023’, targeting growth in the field of human life.

Mondi is a global leader in packaging and paper, contributing to a better world by making innovative packaging and paper solutions that are sustainable by design.

The Hengeler Mueller team was led by partner Thomas Meurer (Picture – M&A, Düsseldorf) and included partners Gunther Wagner (Tax, Munich), Christian Hoefs (Employment, Frankfurt) and Alf-Henrik Bischke (Antitrust, Düsseldorf), counsel Patrick Wilkening (IP/IT) and Anja Balitzk (Antitrust) (both Düsseldorf) as well as associates Maxi Ludwig, Jil Kalender (both M&A, Düsseldorf), Patrick Schmidt (IP/IT), Sebastian Heinrichs (Tax) (both Frankfurt), Vicki Treibmann (Employment) and Christian Jopen (Antitrust) (both Düsseldorf).

The Linklaters team was led by Timo Engelhardt (Partner) and Ruprecht Freiherr von Maltzahn (Managing Associate); both Corporate/M&A, Munich. Linklaters’ offices in London, New York, Shanghai, Berlin, Düsseldorf and Frankfurt were also involved.

Involved fees earner: Anja Balitzki – Hengeler Mueller; Alf-Henrik Bischke – Hengeler Mueller; Sebastian Heinrichs – Hengeler Mueller; Christian Hoefs – Hengeler Mueller; Christian Jopen – Hengeler Mueller; Jil Kalender – Hengeler Mueller; Maxi Ludwig – Hengeler Mueller; Thomas Meurer – Hengeler Mueller; Patrick Schmidt – Hengeler Mueller; Vicki Treibmann – Hengeler Mueller; Gunther Wagner – Hengeler Mueller; Patrick Wilkening – Hengeler Mueller; Timo Engelhardt – Linklaters; Ruprecht von Maltzahn – Linklaters;

Law Firms: Hengeler Mueller; Linklaters;

Clients: Mondi Group; Nitto Denko Corporation;

Federica Tiefenthaler

Author: Federica Tiefenthaler