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Graphic Packaging closes on consumer packaging combination with IP

Stock MarketsJan 02, 2018 08:39AM ET
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© Reuters. Graphic Packaging closes on consumer packaging combination with IP
  • Graphic Packaging Holding (NYSE:GPK) announces that it completed the combination with International Paper's (NYSE:IP) North America consumer packaging business.
  • Graphic Packaging owns 79.5% of the combined company, while International Paper owns the remaining 20.5%.
  • Graphic Packaging says it assumed $660M of International Paper debt and concurrently has amended and restated its senior secured credit agreement.
  • As part of the deal, International Paper has a 2-year lock-up on the monetization of its ownership interest and cannot purchase GPK shares for a period of 5 years.
  • "The combination meaningfully increases our exposure to the growing foodservice market, provides significant runway to realize synergies, and will drive strong financial results," says Graphic Packaging CEO Michael Doss.
  • The deal is expected to lead to $1B of synergies, including $75M in synergies by the end of year three after closing.
  • Source: Press Release
  • Now read: Xerium Technologies: Creating Equity Value Despite Being Inefficiently Capitalized


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Graphic Packaging closes on consumer packaging combination with IP
 

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