UK-based packaging company Mondi has purchased a 90.38% ownership interest in Turkish corrugated packaging company Olmuksan International Paper Ambalaj Sanayi ve Ticaret (Olmuksan).

In January, Mondi revealed that it was set to acquire Olmuksan’s outstanding shares from International Paper for a total consideration of €66m ($80.6m).

The company said that the deal had closed following the fulfilment of all conditions.

Olmuksan is listed on Turkey’s stock exchange entity, Borsa İstanbul, and has five corrugated packaging plants.

With an annual converting capacity of 300,000t, the company’s sustainable packaging products are used in various sectors, including food, beverage, agriculture and industrial markets.

Mondi CEO Andrew King said: “We are delighted to have completed this acquisition, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region.

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“We look forward to welcoming the Olmuksan team to Mondi.”

In a statement, International Paper said that the divestiture was in line with its strategy to “serve attractive markets from an advantaged position”.

The company said that corrugated packaging “remains a strategic business” for its operations in the Europe, Middle East and Africa (EMEA) market.

Mondi will now work towards taking control of Olmuksan’s remaining 9.62% stake, which is held by minority shareholders. It is set to issue a mandatory tender offer soon.

According to a statement by Mondi, the implied enterprise value on a 100% basis would be around €88m ($107m).

Mondi currently has four corrugated packaging facilities in Turkey, as well as a recycled containerboard paper mill and three flexible packaging locations.