Estudio Garrido

Estudio Garrido, through its managing partner Gustavo Garrido and its partners Maria Marta Cancio and Raul Granillo Ocampo advised the selling shareholders in the acquisition of Celulosa Argentina S.A. (“Celulosa”), one of Argentina’s leading producers of printing and writing paper, tissue paper, and eucalyptus pulp. The company’s shares have been listed on the Buenos Aires Stock Exchange since 1937.

The transaction involved the acquisition of:

• 100% of the equity interests and voting rights of Tapebicua LLC, the indirect controlling shareholder holding approximately 41% of Celulosa’s share capital and voting rights; and

• All of the direct shareholdings in Celulosa owned by the selling shareholders, Douglas Albrecht, Juan Collado, and Juan Manuel Urtubey, representing 4.48% of Celulosa’s share capital and voting rights.

The transaction closed on September 19, 2025, on which date Esteban Antonio Nofal became the indirect controlling shareholder of Celulosa.

The acquisition was completed only days after Celulosa had filed for court-supervised reorganization proceedings (concurso preventivo) before the courts of San Lorenzo, Santa Fe Province, as part of an effort to renegotiate approximately US$128 million in debt.