We advised Esteban Antonio Nofal on the acquisition of Celulosa Argentina S.A. (“Celulosa”), one of Argentina’s leading producers of printing and writing paper, tissue paper, and eucalyptus pulp. Celulosa’s shares have been listed on the Buenos Aires Stock Exchange since 1937.
The transaction involved the acquisition of: (a) 100% of the capital stock and voting rights of Tapebicua LLC, the indirect controlling entity of 41% of Celulosa’s capital stock and voting rights; and (b) all of the direct shares in Celulosa held by the selling shareholders—Douglas Albrecht, Juan Collado, and Juan Manuel Urtubey—representing 4.48% of Celulosa’s capital stock and voting rights.
Closing of the transaction took place on September 19, 2025, the date on which Esteban Antonio Nofal became the indirect controlling shareholder of Celulosa. The acquisition took place just days after Celulosa filed for reorganization proceedings before the courts of San Lorenzo, Province of Santa Fe, as part of a process to restructure approximately US$128 million in outstanding debt.
Our Firm acted as legal counsel to the buyer, with a team led by partners Julian Razumny, Federico Salim, Marcelo Tavarone, and Francisco Molina Portela, along with associates Esteban Bujan, Martín Scapini, Agostina Jordan, Paula Cerizola, Consuelo Ortiz, and Juan Cruz Carenzo.