Governmental commission approved the sale of a share in Ilim by International Paper

A subcommission of the governmental commission on foreign investment control allowed International Paper (USA) to sell 50% of shares in Ilim SA, a Swiss group, which, in its turn, owns 96.37% of Ilim Group, as reported by Ilim’s press office. Its share was bought by Zakhar Smushkin and Boris Zingarevich, Russian partners of International Paper. According to the report, Mr. Smushkin and the brothers Boris and Mikhail Zingarevich also control the remaining 50% in Ilim SA.

The parties are planning to close the deal in April 2023, but this process is implemented within the “changing political, regulatory, and legal framework”, which may affect the timeline, Ilim’s statement says.

The amount of the transaction was previously reported to be $484 million. The value of the entire Ilim is estimated at approximately $3.5 billion, based on the 3.1 multiplier applied to its 2022 EBITDA. The net debt of $2.45 billion is factored in this calculation.