Irish corrugated packaging company Smurfit Kappa Group PLC aims to buy an extra 16 percent stake in peer Carton de Colombia SA for 90 million euros ($102.1 million) via a tender offer.
Currently, Smurfit Kappa holds a 70 percent stake in Carton de Colombia. Certain minority shareholders have agreed to tender their shares ounce the offer is unveiled.
The tender offer is subject to the approval of the government agency Superintendencia Financiera de Colombia.
The deal, expected to be closed in the second quarter of 2019, will be funded from Smurfit Kappa's existing cash resources.