KPS Capital Partners has agreed to buy 70% of the packaging business of Mayr-Melnhof Karton AG at an enterprise value of €2.4bn, the Vienna-listed group said in an ad hoc announcement late on 9 November 2026.
Why KPS Capital Partners is buying MM Packaging (packaging business of Mayr-Melnhof Karton AG, 70%)
The sale separates MM Group's folding-carton packaging operations from its board business and crystallises value for shareholders: MM expects net liquidity of about €0.8bn–0.9bn after closing, earmarked for debt repayment, strategic opportunities and possible shareholder distributions.
Deal terms and financing
The packaging business, covering Food & Premium Packaging (excluding Iran and Tunisia) and Pharma & Healthcare Packaging, will move into a new holding company in which KPS will own 70% and MM 30%. MM will invest about €0.4bn for its stake, which can fall to no less than 20% without further consideration if certain 2027 EBITDA targets are not met. MM expects net cash proceeds of about €1.8bn–1.9bn, depending on transaction taxes, price adjustments and closing timing, and plans a special dividend of €0.5bn–0.6bn. MM's supervisory board has approved the deal.
Regulatory approvals and timing
Completion is subject to corporate and regulatory approvals and other customary conditions; the French business is subject to consultation with employee representatives. Closing is expected in the first half of 2027, after which MM will account for its 30% stake at equity.
Market context
KPS has been active in European packaging before: it bought Crown Holdings' EMEA food and consumer packaging business for €2.25bn in 2021, forming Eviosys, which it later agreed to sell to Sonoco for €3.6bn.
