Sustainable packaging solution provider International Paper has secured shareholders’ approval for its proposed acquisition of DS Smith, marking a significant step towards completing the deal.
This comes closely after DS Smith received the approval of its shareholders to proceed with the combination.
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The transaction is pending regulatory and customary closing conditions and is expected to close in the fourth quarter of 2024.
International Paper will report the final vote results of the special shareholder meeting in a Current Report on Form 8-K filed with the US Securities and Exchange Commission.
International Paper chairman and CEO Andy Silvernail said: “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 true global leader of sustainable packaging solutions which will drive significant value for our employees, customers and shareholders.”
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By GlobalDataInternational Paper, a US-based company, initially made an all-equity proposal to acquire the entire issued share capital of DS Smith in March of this year.
Financial terms of the deal are not disclosed but the offer valued DS Smith at $7.22bn, Reuters reported at the time of announcing the offer.
The merger plan between DS Smith and International Paper reached a significant milestone in June with the expiration of the waiting period under the US Hart-Scott-Rodino Act.
DS Smith is known for its sustainable packaging solutions, paper products, and recycling services, operating globally.
The company employs more than 30,000 employees across more than 30 countries.
It recently invested €17.6m ($19.7m) to enhance its box plant in Korinthos, Greece.
