LONDON (S&P Global Ratings) Nov. 25, 2020--Today Swiss-domiciled aseptic beverage packaging producer SIG Combibloc Group AG (BBB-/Stable/--) announced that it is buying the remaining 50% of its Middle East and Africa joint venture (JV) SIG Combibloc Obeikan. The acquisition will be funded via cash and new equity. We consider this transaction to be leverage neutral and to have no immediate effect on our ratings or outlook on SIG. In the 12 months ending Sept. 30, 2020, SIG Combibloc Obeikan generated sales of €290 million and annual EBITDA of around €80 million. The acquisition will strengthen SIG's geographic footprint, and will enable it to further leverage its product portfolio and technological know-how. Until now, SIG has reflected the EBITDA contribution of
