Ashurst has acted for Oji Holdings Corporation (Oji) and Innovation Network Corporation of Japan (INCJ) in their NZ$1 billion (A$971million) acquisition of Carter Holt Harvey Limited Pulp, Paper and Packaging business (PPP).

The PPP business principally comprises the Kinleith pulp and paper mill, Tasman pulp mill, Penrose paper mill, and the Carter Holt Harvey Group packaging business in Australia and New Zealand. The sale represents INCJ's second investment in Australia and an expansion of Oji's presence in the internal paper and packaging business.

Ashurst lead partner on the deal Bill Koeck said: "This transaction represents a major strategic move by Oji and INCJ into Australia and New Zealand and assists in the development of Oji's South East Asian businesses. Ashurst is proud to have represented Oji and INCJ on this important transaction continuing its previous relationship."

The Ashurst team was also comprised of lawyers Scott Lai, Matthew Moses, Samantha Robson (Corporate); partner Peter Armitage and senior associate Angela Lin (Competition); partners Barbara Phair and Vivian Chang, senior associate Sanjay Wavde and lawyer Sophia Kwok (Tax); partner Anita Cade and lawyer Mary Papadopoulos (IP); consultant David Sefton and senior associates Julie Mills and Adeline Hiew (Employment and Superannuation); partner Tony Hill, senior associate Peter Arnold and lawyer Andrew Kelley (Environment and Planning); and lawyer Michelle Kwan (Banking and Finance).