05:22 AM EDT, 06/12/2024 (MT Newswires) -- Suzano (SUZ) said Wednesday it has agreed to acquire a 15% stake in textile industry supplier Lenzing from B&C Group for 230 million euros ($247.3 million).

Under the terms of the deal, Suzano will purchase the stake from B&C Group for 39.70 euros per share.

Both firms will then enter a long-term partnership as majority shareholders of the company, with a total stake of 52.25%.

Suzano said it retained an option to acquire an additional 15% stake in Lenzing from B&C until the end of 2028.

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