MEMPHIS, Tenn. (News release) -- International Paper announced the completion of its acquisition of DS Smith plc. The combined company creates a global leader in sustainable packaging solutions.

"The combination of International Paper and DS Smith will create the world's leading sustainable packaging company," said Andrew K. Silvernail, Chairman and CEO of IP. "With a differentiated geographic footprint and an unparallelled suite of sustainable packaging products and services, we will accelerate growth, improve profitability and serve our customers even better."

Pursuant to the acquisition, IP will issue 0.1285 of new shares of common stock for each ordinary share of DS Smith, resulting in the issuance of approximately 179,847,780 new shares of IP common stock. It is expected that on February 4, 2025, the new shares of IP common stock will begin trading on the New York Stock Exchange under the symbol "IP," and shares of IP common stock, including the shares of new IP common stock, will begin trading on the London Stock Exchange via a secondary listing under the symbol "IPC."