By Ian Walker

DS Smith PLC (SMDS.LN) said Wednesday that it has sold two packaging businesses in North Western France and Portugal to International Paper Co. (IP) for 63 million euros ($71.3 million).

The packaging company said the sale was part of its commitment to the European Commission for clearance of its acquisition of the Spanish business Papeles y Cartones de Europa, SA--known as Europac--for EUR1.67 billion and which completed on Jan. 22.

The disposals are conditional regulatory and other clearances, and are expected to close in the first half of fiscal 2020.

"I am delighted that we are on track to meet our commitment to the European Commission with both an attractive price and a good home for the businesses in International Paper," Chief Executive Miles Roberts said.

DS Smith agreed to sell the two businesses last November as part of a deal with the EC to approve the Europac acquisition. It said at the time that the impact of the disposals wouldn't be material.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

April 17, 2019 02:32 ET (06:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Smith (ds) (LSE:SMDS)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024 Click aqui para mais gráficos Smith (ds).
Smith (ds) (LSE:SMDS)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024 Click aqui para mais gráficos Smith (ds).