Mergers and Acquisitions

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In a significant month for the European paper merchanting business, Stora Enso sold its Papyrus business to private equity fund Altor for €640 million ($960 million). Papyrus is one of Europe’s leading merchants with operations in 22 countries and sales of over €2 billion in 2007. The deal is expected to be finalised during the second quarter of the year. Gothenburg (SWE)

Antalis has sold its Premier Paper business to independent paper merchant Beswick for just over £19 million ($38 million). Antalis had to sell off the business following an EU competition commission ruling after the acquisition of MAP last year. The new combined Beswick/Premier business will have an annual turnover of around £200 million ($400 million). Coleville (UK)

IT distributor Synnex has acquired New Age Electronics (NAE), a distributor of IT and consumer electronics products to the retail sector, for $54.25 million. The move expands Synnex’s existing consumer electronics product offering by adding complementary consumer and retail products from leading manufacturers such as Hewlett-Packard, Panasonic, Sharp, Kodak and Samsung. Adam Carroll will continue as president of NAE, reporting to Larocque, while fellow NAE founder Lee Perlman will retire. Fremont (CA)

Tech Data has agreed to acquire Scribona, a broadline IT distributor with operations in Sweden, Finland and Norway. Under the terms of the agreement, Tech Data will purchase certain assets of Scribona for an undisclosed sum, plus a premium of $20 million to $25 million dependent on specific performance criteria. Scribona currently employs approximately 300 staff and reported sales last year of around $1.3 billion. Clearwater (FL)

Some CompUSA stores have begun to re-open in the US following the acquisition of the brand name and 16 stores by Systemax, owner of the TigerDirect and Misco retail operations. So far, nine stores have re-opened, with the remaining seven stores expected to be operating as we go to press. Systemax has said it intends to rebrand its exisiting TigerDirect stores under the CompUSA banner. Dallas (TX)