International Paper to sell Global Cellulose Fibers business to American Industrial Partners for US$1.5B

On August 21, 2025, International Paper (NYSE: IP; LSE: IPC) entered into a definitive agreement with an affiliate of American Industrial Partners ("AIP") for the sale of its Global Cellulose Fibers division in a deal worth US$1.5 billion including the issuance of preferred stock with an aggregate initial liquidation preference of US$190 million. The transaction is anticipated to close by the end of the year, subject to regulatory approvals. For more information, please see International Paper’s press release.

International Paper, headquartered in Memphis, Tennessee, is a manufacturer of pulp and paper products that produces a wide range of goods including printing and specialty papers, packaging materials, lumber, and construction products. Global Cellulose Fibers is a division of International Paper that produces high-quality absorbent fluff pulp for personal care products.

AIP, based in New York City, New York, is a private equity firm that invests in mid-market industrial businesses.

McCarthy Tétrault is advising International Paper with a team led by Catherine Samuel and Rebecca Wieschkowski, that includes Jonathan Brisebois (Corporate), Matt Kraemer, Daniel Downie, Tyler Warchola (Tax), Casey Halladay, Alykhan Rahim (Competition/Antitrust), Kim Howard (Environmental & Regulatory), Olivia Colic, Elizabeth Rafferty (Real Property & Planning), Benjamin Aberant, Chris Boettcher (Labour & Employment), Julia Miller (Pensions, Benefits & Executive Compensation), Vincent Yip (Intellectual Property), Ann Walker and Sandra Robbins (Corporate/Business Law Services).McCarthy Tétrault is advising International Paper with a team led by Catherine Samuel and Rebecca Wieschkowski, that includes Jonathan Brisebois (Corporate and M&A), Kim Howard (Environmental & Regulatory), Matt Kraemer, Simon Douville, Daniel Downie, Tyler Warchola (Tax), Casey Halladay, Alykhan Rahim (Competition/Antitrust), Olivia Colic, Elizabeth Rafferty (Real Property & Planning), Benjamin Aberant, Chris Boettcher (Labour & Employment), Julia Miller (Pensions, Benefits & Executive Compensation), Vincent Yip (Intellectual Property), Ann Walker, Sandra Robbins (Corporate/Business Law Services), John Boscariol and Robert Glasgow (International Trade), Jade Buchanan (Privacy), Hartley Lefton (Insurance).