March 2 (SeeNews) - Japanese paper, pulp, and paperboard manufacturer Daio Paper Corp said it is buying all shares in Turkish hygiene products manufacturer Ozen Kisisel Bakim Urunleri Uretim A.S. from local food and consumer goods conglomerate Yildiz Holding A.S for 165 million lira ($26.51 million/23.95 million euro).
The purchase price includes Daio's acquisition of all 6,160,000 shares in Ozen, as well as repayment of its debt, the buyer said in a statement last week.
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The transaction, which remains subject to clearance from the Turkish competition authority, is expected to close in early April.
The acquisition is in line with Daio's expansion strategy, it noted in the statement.
Set up in 1998, Ozen produces and sells baby diapers, wet wipes, toiletries and other hygiene products. The company has a facility near Istanbul.
(1 euro = 6.88681 Turkish lira)