International Paper announced its intention to sell its business in India

On May 29, 2019, International Paper entered into an agreement with West Coast Paper Mills Limited (WCPM, India) to sell a controlling stake in International Paper APPM Limited, according to the press service of International Paper.

International Paper currently owns about 30 million or 75% of the outstanding shares of International Paper APPM Limited (APPM).

The deal is expected to be completed by the end of the year subject to the closing conditions, including obtaining the necessary government approvals and launching the WCPM tender offer.

Depending on the results of this tender offer, WCPM will acquire from IP 51% to 60% of the outstanding shares of APPM at the price of INR 275. After the closing of this transaction,  WCPM will be responsible for the work of the APPM.

Sales for 2018 the IP amounted to $23 billion, the Company serves more than 25 million customers in 150 countries.