International Paper has announced that it has secured the required shareholder approval for its planned acquisition of DS Smith. Earlier last week, DS Smith shareholders also voted in favor of the deal, paving the way for the completion of the transaction.
The acquisition, expected to close by the end of the fourth quarter of 2024, remains subject to regulatory approval and standard closing conditions. Both companies expressed confidence in the progress. International Paper will publish detailed voting results from its shareholder meeting in a Form 8-K filed with the U.S. Securities and Exchange Commission.
Andy Silvernail, Chairman and CEO of International Paper, commented on the development: “The overwhelming approval from both DS Smith and IP shareholders confirms the strong support of this combination. Bringing the two companies together will create a global leader in sustainable packaging solutions, delivering significant value for employees, customers, and shareholders.”
International Paper, headquartered in Memphis, Tennessee, is a major global provider of fiber-based packaging and pulp products. With approximately 39,000 employees worldwide, the company operates across North America, Europe, Latin America, and North Africa. In 2023, International Paper reported net sales of $18.9 billion.
The acquisition aims to enhance both companies’ capabilities in sustainable packaging, aligning with market trends that emphasize eco-friendly solutions.