Shearman & Sterling advised Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, in completing its acquisition of Jacob Holm for aggregate consideration of approximately $302 million including the extinguishment of Jacob Holm’s existing debt and other adjustments. This transaction was funded through a new $500 million senior unsecured notes issuance by Glatfelter.
The addition of Jacob Holm will meaningfully increase Glatfelter’s scale and diversification into attractive and complementary product categories with high-performing and innovative spunlace nonwoven technologies and advanced plant-based sustainable solutions serving the growing wipes, critical cleaning, healthcare and hygiene categories. Through Jacob Holm, Glatfelter has acquired four additional manufacturing sites, one converting operation, and six sales offices located in the Americas, Europe, and Asia, and adds approximately 760 employees worldwide.
Glatfelter is a leading global supplier of engineered materials. Glatfelter’s high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. Headquartered in Charlotte, North Carolina, Glatfelter’s annualized net sales approximate $1 billion with customers in over 100 countries and approximately 2,550 employees worldwide.
The Shearman & Sterling team below included associates Jake Shaughnessy (New York-Mergers & Acquisitions), Arshia Asif (New York-Finance), Matthew Brown (Washington, D.C.-Tax), Helen McKinney (New York-Real Estate), Stella Sun (New York-Capital Markets) and Daniella Villatoro (New York-Compensation Governance & ERISA).