MEMPHIS, Tennessee — International Paper and DS Smith today announced that they have reached agreement on the terms of a recommended all-share combination, creating a truly global leader in sustainable packaging solutions. The terms of the Combination value each DS Smith share at 415 pence per share, and will result in IP issuing 0.1285 shares for each DS Smith share, resulting in pro forma ownership of 66.3% for IP shareholders and 33.7% for DS Smith shareholders, implying a transaction value of approximately $9.9 billion. The Combination is expected to close by the fourth quarter of 2024. …Mark S. Sutton, Chairman and CEO of IP said, “DS Smith is a leader in packaging solutions with an extensive reach across Europe, which complements IP’s capabilities and will accelerate growth through innovation and sustainability”.

Related coverage in the Guardian: IP settles all-share deal after tussle with British rival Mondi