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International Paper to Sell Ownership Interest in Ilim JV

Will sell its 50% interest in Ilim SA, the holding company for its Ilim joint venture (JV), to its JV partners for $484 million equity value.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

International Paper announced that it has entered into an agreement to sell its 50% interest in Ilim SA, the holding company for its Ilim joint venture (JV), to its JV partners for $484MM equity value. The sale is subject to regulatory approvals in Russia.

This transaction indicates ~$3.5 billion in total enterprise value (TEV) for Ilim based on a ~3.1X EBITDA multiple on 2022 full-year results*.

The company also received an indication of interest from its JV partners to purchase all of the company’s shares (constituting a 2.39% stake) in JSC Ilim Group for $24MM (USD) on terms and conditions to be agreed. The company intends to pursue an agreement to sell the JSC Ilim Group shares, and to divest other non-material residual interests associated with Ilim, to its JV partners.

*2022 full-year unaudited results are $1.11B EBITDA; As of 12/31/22, the unaudited TEV includes $2.45B net debt 

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