Evergreen Hill Enterprise Pte. Ltd. agreed to acquire Engineered Papers Business of Mativ Holdings, Inc. (NYSE:MATV) for $650 million on August 1, 2023. Evergreen Hill is expected to fund the proposed transaction with an existing cash balance and is not dependent on capital markets for financing. The gross sale price of $620 million reflects an approximate 6.5x multiple on EP?s trailing 12-month Adjusted EBITDA (as of June 30, 2023 quarter); trailing 12-month sales for EP were approximately $530 million. The proposed transaction will also be subject to customary closing conditions, including regulatory approvals and satisfaction of the consultation process with the applicable works councils in France, and is expected to close in the fourth quarter of 2023. Expected net transaction proceeds of approximately $575 million will be used primarily to reduce debt; net proceeds. Morgan Stanley & Co. LLC served as financial advisor and Rahul Patel and Michelle Stewart of King & Spalding LLP served as legal advisor to Mativ. Stuart Rogers of Alston & Bird represented Morgan Stanley & Co. LLC as financial advisor to Mativ Holdings, Inc. (NYSE:MATV). James P. Dougherty of Davis Polk & Wardwell LLP acted as legal advisor to Evergreen Hill Enterprise Pte. Ltd.

Evergreen Hill Enterprise Pte. Ltd. completed the acquisition of Engineered Papers Business of Mativ Holdings, Inc. (NYSE:MATV) on December 1, 2023.