MM acquired the shares from majority shareholder Nalka Invest, as well as family and management minority shareholders.
Based in Veddige, Sweden, Eson Pac develops, produces and distributes high-quality secondary packaging solutions.
The company operates three production sites in Sweden and one in Denmark, which specialise in folding cartons, leaflets and labels.
At present, Eson Pac has around 300 employees and generates €48m ($52.33m) in total sales.
MM CEO Peter Oswald said: “With this acquisition, we strengthen our footprint within the Premium business of the Packaging division.
“The transaction ideally complements our current customer base and offers attractive new opportunities.
“In combination with our existing operations, we can offer more innovative and sustainable solutions for our customers.
“We have great confidence that together with the highly qualified team of Eson Pac, we will shape the common growth path.”
MM reported total sales of around €3.5bn last year. The company has around 12,800 employees, including Eson Pac colleagues.
Last June, MM acquired a pulp and paper mill in Kwidzyn, Poland, from International Paper.
The acquisition was part of MM’s strategy to add ‘innovative, sustainable and cost-efficient grades’ to its portfolio of high-quality, virgin fibre-based cartonboard.
Following the acquisition, the company’s MM Karton division was rebranded as MM Board & Paper.
The Kwidzyn mill produces 740,000t of folding boxboard a year and is equipped with four integrated cartonboard and paper machines.
MM recently suspended all cartonboard deliveries to Russia amid the country’s invasion of Ukraine.
The company has also offered €500,000 in aid to help those affected by the conflict, including direct aid to Ukrainian refugees and a €150,000 donation to humanitarian organisations.