Elif Holding Was Sold To A Finnish Company

Elif Holding was sold to a Finnish company. Finnish packaging company Huhtamaki acquired Turkish packaging manufacturer Elif.

Huhtamaki has entered into an agreement to acquire packaging manufacturer Elif Holding, which supplies global consumer goods brands and has operations in Turkey and Egypt. It was informed that the size of the agreement was 412 million Euros. In 2020, Elif's net sales were approximately 163 million Euros. It is known that the company employs approximately 1,500 people. According to the agreement, Elif will become a part of Huhtamaki's flexible packaging business segment. To support the financing of the acquisition, Huhtamaki signed a $500 million bridge financing agreement with Citi, who also acted as a consultant in the transaction. In the statement, it was stated that the acquisition was in line with Huhtamaki's 2030 growth strategy, scaled up in strategic geographies and supported the company's progress towards achieving its sustainability goals. The acquisition is expected to be closed after the approval of the Competition Board.