Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves Onex Corp.’s proposed acquisition of SIG group companies, (Feb 18, 2015)
Organizations Mentioned:Onex Corp. | SIG Combibloc Group AG | SIG Holding USA, LLC | Sig Combibloc Group, AG | Sig Holding USA, Inc.
By Greg Hammond, J.D.
The European Commission has cleared Onex Corporation’s proposed acquisition of SIG Combibloc Group AG and SIG Holding USA, LLC for up to $4.66 billion. SIG Combibloc is a leading system supplier of beverage and food carton packaging and filling machines. Onex is a private equity firm that invests in companies in various industries.
Under its simplified merger review procedure, the EC determined that the proposed merger would not raise anticompetitive concerns, finding that only moderate combined market shares would exist as a result of the transaction.
"SIG’s management team has successfully proven its ability to enter and grow in new markets, while maintaining its standard of excellence in existing markets," stated Nigel Wright, a Managing Direct at Onex’s London office. "We look forward to partnering with Rolf Stangl and his team to further build upon SIG’s impressive track record and continue its growth."
"Onex is a strong and committed capital partner to grant continuity in our successful business strategy. They match SIG ideally and will together with us further develop and grow the business on a long term basis," Rolf Stangl, CEO of SIG Combibloc Group said. "Just as in the past, focusing on our customers and delivering excellent quality and service, remains the unchanged top priority for SIG."
The proposed acquisition is expected to close during the first quarter of 2015.
Companies: SIG Combibloc Group AG; SIG Holding USA, LLC; Onex Corp.
News: AcquisitionsMergers Antitrust