The Competition Authority approved the acquisition of packaging manufacturer Elif Holding, which has operations in Turkey and Egypt, by Finland-based Huhtamaki.
In August, the size of the deal was announced as 412 million euros.
With net sales of approximately 163 million euros in 2020, the company employs 1,500 people.
Under the agreement, Elif will become a part of Huhtamaki's flexible packaging business segment.
To support financing the acquisition, Huhtamaki signed a $500 million bridge financing agreement with Citi, who also acted as a consultant on the transaction.
In the statement made in August, it was stated that the acquisition was in line with Huhtamaki's 2030 growth strategy, scaled up in strategic geographies and supported the company's progress towards achieving its sustainability goals.
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