# Sappi and UPM propose 50/50 graphic paper joint venture

Sappi and UPM signed a non-binding letter of intent to form a 50/50 joint venture combining their European, UK and US graphic paper businesses. The combined enterprise value is about EUR 1.42 billion, and definitive agreements are expected in the first half of 2026.

- Type: Acquisition
- Announced: 2025-12-04
- Value: $1.65B (1.42B EUR)
- Status: announced
- Products: graphic paper

## Companies

- [Sappi Limited](https://endata.com/companies/912.md) (partner)
- [UPM](https://endata.com/companies/5469.md) (partner)

## Sources

- [packagingeurope.com](https://www.packagingeurope.com/sappi-and-upm-propose-joint-venture-for-graphic-paper/), 2025-12-04: "The venture is said to have a combined enterprise value of €1,420 million excluding the value of the expected synergy benefits."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.