Simmons & Simmons is advising Powerflute Oyj (“Powerflute”), the Finland based paper and packaging group, on the re-admission of its shares on AIM as a result of entering into a conditional agreement with Stora Enso Oyj (“Stora Enso”) to acquire the shares and assets in Corenso United Oy Ltd, Corenso United (Deutschland) GmbH & Co KG, Corenso Edam B.V., Corenso France SAS, Corenso (UK) Ltd., Corenso Poland sp. z o.o. and their respective subsidiaries and affiliated companies (collectively, “Corenso”) for an expected adjusted enterprise valuation of €81 million (the “Acquisition”). The Acquisition remains subject to, amongst other things, Powerflute shareholder approval.

The Acquisition constitutes a reverse takeover under the AIM Rules for Companies, requiring an EGM scheduled to be held on 4 November 2014 with closing and re-admission expected to take place on 28 November 2014.

The Simmons & Simmons team is led by International equity capital markets team head Chris Horton, assisted by corporate partner Patrick Graves, supervising associate Tara Waters and associate Dan McGuiness. Banking partner Richard Hughes and supervising associate Emmie Morris advised on finance matters in relation to this transaction.