Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 1.12.2022  
C(2022) 9039 final  
PUBLIC VERSION 
AURELIUS Investment Lux Seven  
S.à.r.l. 
2-4, Rue du Châ teau d'Eau  
3364 Leudelange  
Luxembourg 
Subject : Case M. 10956 – AURELIUS INVESTMENT LUX SEVEN / SAPPI 
FINLAND ONE / SAPPI FINLAND OPERATIONS / SAPPI 
MAASTRICHT REAL ESTATE / SAPPI STOCKSTADT  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 9 November 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation, by which the 
undertaking  AURELIUS Investment Lux Seven S.à.r.l. (Luxembourg) belonging to 
the Aurelius group (“Aurelius”, Germany), will acquire within the meaning of 
Article  3(1)(b) of the Merger Regulation sole  control over the whole of the 
undertaking s Sappi Finland I Oy (Finland), Sappi Finland Operations Oy (Finland), 
Sappi Maastricht Real Estate B.V. (The Netherlands), and Sappi Stockstadt GmbH 
(Germany) (jointly, “Sappi target entities”) , all belonging to the Sappi group, by way 
of purchase of shares .3 
2. The business activities of the undertakings concerned are  the following:  
− Aurelius is a private equity group, which is active as an investor in Europe and as 
an asset manager internationally.  
− The Sappi target entities are active in the manufacture and supply of publication 
and graphic paper including coated mechanical, coated and uncoated woodfree 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009, the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 437, 17.11.2022, p. 7.  

2 paper as well as speciali ty board including folding box board and solid bleached 
board. 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(b) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.