By Ian Walker
Smurfit Kappa Group and WestRock Co. have formally signed a merger agreement as first outlined last week, creating a global paper and packaging powerhouse worth some $20 billion.
As announced on Sept. 7 a new company–Smurfit WestRock–will be created with a main listing on the New York Stock Exchange and a standard listing in London.
Smurfit WestRock will be led by Tony Smurfit as chief executive and Irial Finan as chair, the companies said.
Under the deal accepting WestRock shareholders will get one new Smurfit WestRock share and $5.00 in cash, equivalent to $43.51 a share.
Upon completion Smurfit Kappa shareholders will own 50.4% of the combined business with WestRock owning the rest.
“Smurfit WestRock will be the ‘Go-To’ packaging partner of choice for customers, employees and shareholders. We will have the leading assets, a unique global footprint in both paper and corrugated, a superb consumer and specialty packaging business, significant synergies, and enhanced scale to deliver value in the short, medium and long term,” Smurfit Kappa Chief Executive Tony Smurfit said.
Write to Ian Walker at [email protected]
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