Smurfit Kappa, WestRock agree to combine to create $20 bln packaging giant (updated)

WestRock Co

12/09/2023 08:03

(Add detail on deal)
       Sept 12 (Reuters) - Smurfit Kappa  SKG.I  and WestRock
 WRK.N  have agreed to combine, the companies said on Tuesday,
to create one of the world's largest paper and packaging
producers worth nearly $20 billion.
    The companies' combined adjusted revenue was about $34
billion for the year ended June 30, which would make the new
company, called Smurfit WestRock, the largest listed global
packaging partner by revenue, the statement said.
    WestRock stockholders will get one new Smurfit WestRock
share and $5 in cash for each share they hold, which works out
to $43.51 per share, the statement said.
    Ireland-based Smurfit had said last week that it was in
talks with U.S.-based WestRock. Smurfit WestRock will be based
in Ireland.
    Smurfit, which operates in 22 European countries and 13 in
South, Central and North America, is Europe's largest paper and
packaging producer. WestRock is the second-largest packaging
company in the U.S.

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio
D'Souza)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))