The CNMC has approved, with commitments, the acquisition of Artemis' bag-in-box business by Smurfit Bulgaria, a subsidiary of Smurfit Kappa. The deal involves the production and supply of bag-in-box plastic bags up to 25 liters for food use.

The transaction raised competition concerns, leading to a Phase 2 investigation by the CNMC. Smurfit Bulgaria committed to supplying Artemis' sole client in Spain under the same conditions until December 31, 2026.

The analysis focused on the markets for aseptic and non-aseptic bag-in-box bags for food use up to 25 liters, where both companies operate in the European Economic Area (EEA) and, for non-aseptic bags, in Spain. The CNMC found significant horizontal overlaps in these markets, impacting competition in Spain and the EEA.

Smurfit Kappa's acquisition strengthens its dominant position in the market, particularly in Spain, by eliminating a major competitor. Additionally, the company's unique production of caps/taps for bag-in-box bags enhances its market dominance, especially with upcoming regulatory changes.

Smurfit Bulgaria committed to maintaining the supply of non-aseptic bag-in-box bags to Artemis' Spanish client until the end of 2026. This commitment aims to preserve competition in the market while allowing the client time to find alternative suppliers.