International Paper receives clearance for $7.1 bn DS Smith acquisition by EC and other competition authorities

On 24 January 2025, the European Commission (EC) approved the $7.1 billion acquisition of DS Smith by International Paper, subject to conditions.  International Paper and DS Smith are two vertically integrated global leaders in the paper and packaging industry with manufacturing plants across North America, Europe, and other regions.   

During its Phase I investigation, the EC explored potential horizontal as well as vertical concerns in the markets for the collection and supply of recovered paper, corrugated case material, as well as sheets and cases.  The EC investigated any potential concerns at the EEA and the local level. 

The acquisition was also investigated by other national competition authorities, including Egypt, Turkey, and Serbia, which cleared it unconditionally. 

RBB conducted economic analyses with respect to horizontal and vertical effects. 

RBB’s team, led by Miguel de la ManoMiguel de la ManoPartner and Joan de Solà-MoralesJoan de Solà-MoralesPartner, and supported by Julian GroppJulian GroppAssociate Principal, Jennifer SwartJennifer SwartAssociate Principal, Alina GruschkaAlina GruschkaSenior Associate, Yihan DongYihan DongSenior Associate, and Nikta KermaniNikta KermaniSenior Associate, worked alongside Skadden, Arps, Slate, Meagher & Flom LLP and Slaughter and May during the pre-notification phase and Phase I investigation.