International Paper completes acquisition of DS Smith, TricorBraun finalizes takeover of Veritiv

UK – International Paper (IP), a leading provider of sustainable packaging solutions, has successfully acquired British multinational packaging company DS Smith.

As part of the deal, International Paper will issue approximately 179.8 million new shares of common stock, offering 0.1285 new shares for each DS Smith ordinary share.

The newly issued shares are expected to begin trading on the New York Stock Exchange under the ticker ‘IP’ starting February 4 and will also be listed on the London Stock Exchange under the symbol ‘IPC’.

The merger is expected to create significant value for shareholders and position the combined company as a global leader in sustainable packaging, focusing on expanding in the growing markets of North America and Europe.

BofA Securities served as International Paper’s exclusive financial advisor, while Skadden, Arps, Slate, Meagher & Flom provided legal counsel. Sidley Austin acted as the US antitrust legal advisor for IP.

On the other side, DS Smith was advised by Goldman Sachs International, Citigroup Global Markets, and J.P. Morgan Securities, with legal support from Slaughter and May and Sullivan & Cromwell. 

Andrew Silvernail, Chair and CEO of International Paper, stated, “The combination of International Paper and DS Smith will create the world’s leading sustainable packaging company.

“With a differentiated geographic footprint and an unparalleled suite of sustainable products, we will accelerate growth, improve profitability, and better serve our customers.” 

The deal, initially proposed in March, was approved by the European Union last month and is valued at £5.8 billion (US$7.12bn). 

TricorBraun completes acquisition of Veritiv Containers 

In other industry news, packaging company TricorBraun has finalized its acquisition of Veritiv Containers, a glass, plastic, and metal container supplier.

This acquisition, first announced in December, adds significant value to TricorBraun’s offering in the rigid packaging sector.

Veritiv Containers, previously known as All American Containers, serves various industries, including food and beverage, wine and spirits, personal care, nutraceuticals, and industrial sectors.

The acquisition brings seven new warehouses and over 500,000 square feet of additional capacity to TricorBraun’s network, enhancing its service capabilities in North America.

While the transaction’s financial terms remain undisclosed, the acquisition is expected to positively impact TricorBraun’s reach and service offerings in the rigid packaging market.

Established in 1902, TricorBraun operates globally with over 2,000 employees in more than 100 locations in the Americas, Europe, Asia, and Australia.

TricorBraun President and CEO Court Carruthers commented, “We are excited to expand our industry-leading primary packaging services and provide customers with more options in supply chain solutions.

“We greatly respect the Veritiv team’s expertise, quality, and customer service, and we look forward to welcoming them to the TricorBraun family.”

This acquisition follows TricorBraun’s agreement to acquire Euroglas in Germany and Glaspack in Austria, which will further expand its presence in the European market, particularly in the Germany, Austria, and Switzerland regions.

Both Euroglas and Glaspack are family-owned businesses that have been providing rigid packaging solutions since 1992.

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