DS Smith acquired by International Paper Company

UNITED KINGDOM Chemicals & Materials / Packaging & Containers / Paper & Cardboard EV £1–10bn

Context

International Paper and DS Smith have reached an agreement on the terms of a recommended all-share combination. Under the terms, DS Smith shareholders are entitled to receive 0.1285 new International Paper shares for each DS Smith share, valuing the target at 415 pence per share (a 47.7% premium over the undisturbed share price). The transaction creates a truly global leader in sustainable packaging, with industry-leading positions in both Europe and North America. The strategic rationale is built on optimizing the combined mill network and supply chains, with expected pre-tax cash synergies of at least $514 million (£413 million) annually by the end of the fourth year. Upon completion, DS Smith shareholders will own approximately 33.7% of the combined entity. To facilitate the merger, International Paper will seek a secondary listing on the London Stock Exchange. The deal is expected to be EPS accretive in year one and is slated to become effective in the fourth quarter of 2024, subject to regulatory and shareholder approvals.

DS Smith, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

DS Smith is a leading European provider of sustainable fiber-based packaging solutions, specializing in corrugated packaging. The company’s business model is centered on a "customer-first" approach, driving growth through innovation in high-quality packaging and superior service levels. DS Smith has established an extensive reach across Europe, positioning itself as a key partner for a broad set of customers in attractive and growing end-markets. Its value proposition focuses on renewable and recyclable materials, aligning with the global transition toward sustainable packaging. By the time of the transaction, DS Smith had achieved significant scale through its dedication to circular economy principles and its ability to serve complex supply chains across the continent.

Ent. Value

£1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

10x–18x

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2024

2023

Other operations with International Paper Company

Other operations with International Paper Company
Date	Acquirer	Target	Country	Sector
04/2026	INTERNATIONAL PAPER COMPANY	NORPAC	UNITED STATES	Paper

Similar deals in Chemicals & Materials

Similar deals in Chemicals & Materials
Date	Acquirer	Target	Country	Sector
05/2024	GERRESHEIMER	BLITZ LUXCO	ITALY	Packaging & Containers
05/2024	THE NAVIGATOR COMPANY	ACCROL GROUP	UNITED KINGDOM	Paper
04/2024	ARCOSA	AMERON	UNITED STATES	Construction Materials
02/2024	CONSTANTIA FLEXIBLES	ALUFLEXPACK	SWITZERLAND	Packaging & Containers
01/2024	GALIENA CAPITAL	EXTRUFLEX	FRANCE	Plastics
11/2023	GREIF	IPACKCHEM	FRANCE	Plastic Packaging
11/2023	CLAYTON, DUBILIER & RICE (CD&R)	VERITIV CORPORATION	UNITED STATES	Packaging & Containers
11/2023	CRH	MARTIN MARIETTA STCC	UNITED STATES	Construction Materials
09/2023	MELLBY GÅRD	DUNI GROUP	SWEDEN	Paper & Cardboard
09/2023	ATHENA HOLDING	TESSILBIELLA	ITALY	Material Transformation

REFERENCES

Valuation range: EV £1–10bn

Revenue range: £1–10bn

EBITDA range: £1–10bn

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DS Smith by International Paper Company are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: ds smith

FAQ

What transaction does this page cover?

This page covers International Paper Company’s acquisition of 100% of DS Smith, a British company specialised in Packaging & Containers, in 2024.

How was the acquisition of DS Smith by International Paper Company valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were DS Smith’s revenue and EBITDA at the time of the deal?

At the time of the transaction, DS Smith generated annual revenue estimated in the £1–10bn range and EBITDA in the £1–10bn bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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