International Paper completes DS Smith's acquisition

US-based International Paper has completed the acquisition of London-headquartered DS Smith. The boards of International Paper and DS Smith said they had initially reached an agreement on the terms of the recommended all-share combination deal in April.
 
The deal was implemented through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The agreement is subject to the terms and conditions in the scheme document published on 11 September 2024.

The scheme was approved by the requisite majority of DS Smith shareholders on 7 October 2024.

Following conditions being satisfied and the sanctioning of the scheme at the court hearing in January, the two companies said the delivery of a copy of the court order to the Registrar of Companies meant the scheme became effective on 31 January 2025.

In January, International Paper had said that while the European Commission issued its Phase I clearance of the deal on 24 January 2025, the clearance was conditional on International Paper entering into commitments to divest its box plants located in Mortagne, Saint-Amand, and Cabourg in France, Ovar in Portugal, and Bilbao in Spain.

Following its terms and, according to the scheme, the entire issued and to-be-issued share capital of DS Smith is owned by International Paper UK Holdings Limited, an indirect wholly-owned subsidiary of International Paper.

Andy Silvernail, chairman and CEO of International Paper said in 2024, "Bringing the two companies together will create a true global leader of sustainable packaging solutions which will drive significant value for our employees, customers, and shareholders."

DS Smith's sales were GBP USD 8.43 billion (approximately) in FY23/24, and International Paper's were USD 18.6 billion in 2024.