HELSINKI, Finland, Dec. 29, 2006 (PRIME NEWSWIRE) -- Metso Corporation has completed the acquisition of Aker Kvaerner's Pulping and Power businesses. The businesses were transferred to Metso on December 29, 2006. The European Commission clearance for the acquisition was received on December 12, 2006.
The cash and interest-bearing debt-free acquisition price, agreed in April 2006 when the sales and purchase agreement was signed, was approximately EUR 335 million. The final transaction price will be based on the balance sheet at the time of the closing. Metso will disclose the final transaction value, including the adjustments related to the remedy package, after the parties have agreed upon the closing balance sheet.
Metso has also completed the sales and purchase agreement of the remedy package concerning the divestment of Metso Paper's and Aker Kvaerner's overlapping pulping businesses to the Canadian Groupe Laperriere & Verreault Inc. (GL&V). The remedy package was transferred to GL&V on December 29, 2006. The divestment of the remedy package was conditional on the approval received from the European Commission on December 12, 2006. The parties have agreed that the transaction value will not be disclosed.
Metso is a global engineering and technology corporation with 2005 net sales of approximately EUR 4.2 billion. Its 25,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.