11/22/2023 0 Comments Graphic packaging international paper![]() ![]() Guynn of Sullivan & Cromwell LLP advised BofA Merrill Lynch as financial advisor to Graphic Packaging Holding Company. Bank of America Merrill Lynch acted as financial advisor to Graphic Packaging. Scott Ortwein of Vinson & Elkins LLP acted as legal advisors for International Paper Co. Jamieson, Tigist Kassahun, Daniel Priest, Nicholas C.H. Schuur, Daniel Farrell, Stuart Hammer, Christopher Rosekrans, Valerie A. Skadden, Arps, Slate, Meagher & Flom, L.L.P acted as legal advisor to Evercore Partners LLC in the transaction. Scott Ortwein of Alston & Bird LLP acted as legal advisor to Graphic Packaging International. Roper and Tiantian Amy Zhu of Debevoise & Plimpton LLP acted as legal advisors to International Paper Company. ![]() ![]() (NYSE:C) acted as financial advisor to International Paper Company, Evercore Partners LLC acted as fairness opinion provider to International Paper Company and Michael A. The transaction is projected to be accretive to earnings in year one.Ĭitigroup Inc. The transaction is expected to close in the first quarter of 2018. As on November 22, 2017, the transaction was granted early termination notice by Federal Trade Commission. The Board of Directors of International Paper Company has approved the agreement. The Board of Directors of Graphic Packaging Holding Company (NYSE:GPK), parent of Graphic Packaging International, has unanimously approved the agreement. The transaction is subject to customary closing conditions, including, among other things, applicable approvals under certain regulatory and competition laws, including the expiration or termination of all applicable waiting and other time periods, any applicable waiting period under the HSR Act or any other applicable Competition Law relating to the transaction shall have expired or been terminated and Graphic Packaging International having assumed the assumed financing and other conditions. The combined businesses will continue to operate through Graphic Packaging International. International Paper cannot purchase Graphic Packaging Holding Company (NYSE:GPK) shares for a period of 5 years, subject to limited exceptions. ![]() Graphic Packaging will be the sole operator of the partnership, and there will be no change to Graphic Packaging's current Board of Directors or leadership team International Paper will have a 2-year lock-up on the monetization of their partnership interest. North America Consumer Packaging business reported annual revenue of $1.6 billion. Either of the parties can terminate the deal if the closing shall not have occurred on or before June 30, 2018, unless the failure of the closing to have occurred by the termination date shall be due to the failure of the party seeking to terminate the agreement. In connection with the transaction, the parties will enter into certain agreements. International Paper Company's North America Consumer Packaging business includes 3,900 Coated Paperboard and Foodservice employees located at 10 locations in the United States and United Kingdom. Prior to closing, International Paper Company shall cause the Augusta Taxable Bonds to be transferred, as an asset, as part of transferred business. The consideration is subject to post-closing adjustments. International Paper Company will also receive a 20.5% ownership interest valued at $1.14 billion in a subsidiary of Graphic Packaging International that will hold the assets for the combined business. Graphic Packaging will own 79.5% of the combined company and will be the sole manager. Graphic Packaging International will issue to International Paper Company 79.9 million common units, purchase from International Paper Group (Uk) Limited, all of the issued and outstanding capital stock of International Paper Foodservice Europe Limited for cash in the amount of $1.1 million. Graphic Packaging Holding Company will assume and pay the indebtedness incurred by the International Paper Company pursuant to the new term loan facility of $660 million committed with Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas and BNP Paribas Securities Corp. entered into a transaction agreement to acquire North America Consumer Packaging business from International Paper Company (NYSE:IP) and International Paper Group (Uk) Limited for $1.8 billion on October 23, 2017. ![]()
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