The new company, BillerudKorsnäs, will have a turnover of around 20 billion Kronor and approximately 4,400 employees.Kinnevik will receive 2.7 billion Kronor in cash consideration and will be the largest owner in the new company with an ownership stake of 25.1 percent. Billerud's largest owner, Austrian Frapag Holding, supports the transaction and will be the second largest owner with 15.7 percent.The merger between Korsnäs and Billerud is a natural step to strengthen Korsnäs' and Billerud's successful businesses in virgin fiber packaging material with the aim to create a leading international player within the packaging industry, according to a press release from the two companies.Korsnäs and Billerud and their respective main owners identify significant synergy potential, which is expected to be realised within the next few years as a result of the transaction. The synergy potential has been assessed to at least 300 million Kronor annually in a preliminary estimate.Per Lindberg, current CEO of Billerud, will be CEO and President of the new company. Christer Simrén, Korsnäs' current CEO, will be Vice President and Chief Operating Officer.Completion of the transaction is subject to customary approvals from relevant competition authorities and the approval of the shareholders of Billerud at an Extraordinary General meeting, expected to be held in August.