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Graphic Packaging Holding Company stock price
Graphic Packaging Holding Company latest news:
IP in $1.8 billion deal with Graphic Packaging
International Paper Co. said Tuesday it has entered a transaction with Graphic Packaging under which it will transfer its North America consumer packaging business to the company in a deal valued at $1.8 billion. IP will receive $660 million of cash proceeds from a loan taken by Graphic Packaging that it will use to pay down debt. It will also receive a 20.5% stake in a Graphic Packaging unit valued at $1.14 billion that will hold the assets for the combined business. The deal is expected to close in early 2018. "Investing in Graphic Packaging gives IP the opportunity to benefit from a much stronger value-creation consumer packaging platform, while allowing us to remain focused on growing value in our core businesses," Chief Executive Mark Sutton said in a statement. IP shares were up 0.7% premarket, and have gained about 10% in 2017, while the S&P 500 has gained about 15%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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