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“Combining with DS Smith is a logical next step in International Paper’s strategy to drive profitable growth by strengthening our global packaging business,” says Mark Sutton, Chairman and Chief Executive Officer of International Paper.
“DS Smith is a leader in packaging solutions with an extensive reach across Europe, which complements International Paper’s capabilities and will accelerate growth through innovation and sustainability. We are confident this combination will drive significant value for our employees, customers, and shareholders.”
The terms of the combination value each DS Smith share at 415 pence, resulting in IP issuing 0.1285 shares for each DS Smith share. This implies a transaction value of approximately $9.9 billion. The deal, which is expected to close by the fourth quarter of 2024, will result in pro forma ownership of 66.3 percent for IP shareholders and 33.7 percent for DS Smith shareholders.
“The combination with International Paper is an attractive opportunity to create a truly international sustainable packaging solutions leader that is well positioned in attractive and growing markets across Europe and North America. It combines two focused and complementary businesses,” says Miles Roberts, Group Chief Executive of DS Smith.
“DS Smith has grown significantly through a dedication to customers, focus on innovation, quality of packaging and high levels of service. In a dynamic sustainable packaging landscape, the combination will enhance our global proposition to customers, create opportunities for colleagues and drive value for shareholders who can remain fully invested in such an exciting business.”
“Bringing together the capabilities and expertise of both companies will create a winning position in renewable packaging across Europe, while also enhancing International Paper’s North American business. I firmly believe this strategic combination offers a unique and highly compelling opportunity to create tremendous shareholder value,” says Andrew Silvernail, CEO-Elect of International Paper.
“I am also committed to working with the teams to deliver the expected synergies, along with the ongoing profit improvement initiatives across the International Paper portfolio.”
corruga.expert
