International Paper (IP) has successfully finalized its acquisition of DS Smith plc as of January 31, 2025.
Under the terms of the acquisition, IP will distribute 0.1285 new common stock shares for every ordinary share held by DS Smith shareholders. This exchange will result in the creation of roughly 179.85 million new common stock shares for IP. It is anticipated that on February 4, 2025, these new IP common stock shares will commence trading on the New York Stock Exchange under the ticker symbol "IP." Additionally, these shares, including the newly issued ones, will be traded on the London Stock Exchange through a secondary listing under the symbol "IPC."
Previously, in April 2024, International Paper and DS Smith agreed upon the conditions of a recommended all-share merger. This agreement priced each DS Smith share at 415 pence and outlined an exchange structure where IP would issue 0.1285 shares for each DS Smith share. Consequently, the deal will allocate a pro forma ownership split of 66.3% for IP shareholders and 33.7% for DS Smith shareholders, thereby implying an estimated transaction value of approximately $9.9 billion.
