International Paper to divest Global Cellulose Fibers; FTC ends HSR wait

Rhea-AI Filing Summary

International Paper announced a definitive agreement to sell its Global Cellulose Fibers (GCF) business: the company, together with its Luxembourg and Delaware affiliates (the Sellers), entered into a Securities Purchase Agreement with Absorbent Fiber Topco, Inc. and its acquisition subsidiaries (the Buyer) to sell all issued and outstanding equity interests of the entities that comprise the GCF business.

The Transaction is conditioned on customary closing requirements, including the expiration or early termination of the Hart-Scott-Rodino waiting period and other required regulatory approvals. The Federal Trade Commission granted early termination of the HSR waiting period on September 24, 2025, but the sale remains subject to remaining regulatory approvals and customary closing conditions.

Positive

• Definitive sale agreement executed to divest the Global Cellulose Fibers business
• HSR waiting period terminated early by the FTC on September 24, 2025, removing a key antitrust timing hurdle

Negative

• Transaction remains subject to remaining customary closing conditions and other required regulatory approvals
• No purchase price or financial terms disclosed in the provided content, limiting assessment of financial impact

Insights

M&A Specialist

TL;DR: International Paper has agreed to divest its GCF business to a private buyer; HSR clearance obtained, other approvals still pending.

The agreement to sell the Global Cellulose Fibers business to an affiliate of Absorbent Fiber Topco is a material strategic divestiture that will transfer ownership of the specified Delaware, Hong Kong, Poland and Canadian entities. Early termination of the HSR waiting period on September 24, 2025 removes a key timing hurdle, accelerating potential closing timelines. Remaining customary closing conditions and additional regulatory approvals could still affect timing and certainty of closing. The absence of disclosed deal value or detailed terms in the provided text limits assessment of financial impact and potential proceeds allocation.

Corporate Governance Expert

TL;DR: The transaction is a significant corporate action requiring regulatory clearances and will change the company’s asset footprint.

From a governance perspective, the filing documents a significant disposition of operating subsidiaries that constitute the GCF business. The Sellers include the parent and international holding entities, indicating a global transfer of related operations. The filing notes standard conditions precedent, highlighting that management retains responsibility to satisfy closing conditions and obtain any remaining regulatory approvals. Lack of disclosed shareholder actions or material contract terms in the excerpt means implications for capital allocation, governance changes or employee impacts are not specified in this content.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): September 24, 2025

International Paper Company

(Exact name of registrant as specified in its charter)

Commission file number 1-3157

 

New York			13-0872805
(State or other jurisdiction of incorporation)			(I.R.S. Employer Identification No.)
6400 Poplar Avenue, Memphis, Tennessee			38197
(Address of Principal Executive Offices)			(Zip Code)

Registrant's telephone number, including area code: (901) 419-9000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1 per share par value			IP			New York Stock Exchange
Common Stock, $1 per share par value			IPC			London Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SECTION 8. OTHER EVENTS

Item 8.01.   Other Events

As previously disclosed, on August 20, 2025, International Paper Company, a New York corporation (the “Company”), International Paper Holdings (Luxembourg) S.à r.l., private limited liability company (société à responsabilité limitée) organized and existing under the laws of the Grand Duchy of Luxembourg (“IP Lux Holdings”), English Oak, LLC, a Delaware limited liability company (“English Oak,” and together with the Company and IP Lux Holdings, the “Sellers”), Absorbent Fiber Topco, Inc., a Delaware corporation (“Parent”), Absorbent Fiber Bidco, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Parent (“Paper Acquisition US”) and Absorbent Fiber Acquisitions Canada, Ltd., an Alberta corporation and a direct wholly owned subsidiary of Paper Acquisition US (“Paper Acquisition Canada,” and together with Paper Acquisition US, collectively, “Buyer”), entered into a Securities Purchase Agreement (the “Sale Agreement”), pursuant to which, among other things, the Sellers will sell to Buyer all of the issued and outstanding equity interests of GCF US Holdings LLC, a Delaware limited liability company, GCF (Asia) Limited, a Hong Kong limited company, International Paper Cellulose Fibers (Poland) sp. z o.o., a limited liability company (spółka z ograniczoną odpowiedzialnością) organized and existing under the laws of the Republic of Poland and International Paper Canada Pulp Holdings ULC, an unlimited liability corporation organized under the laws of the Province of Alberta, which entities represent all of the Company’s Global Cellulose Fibers (“GCF”) business (the “Transaction”).

The Transaction is conditioned on, among other things, the expiration or early termination of the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and other required regulatory approvals.

On September 24, 2025, the Federal Trade Commission granted early termination of the waiting period under the HSR Act.

The Transaction remains subject to the remaining customary closing conditions and approvals and the receipt of other required regulatory approvals.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

International Paper Company

Date:

September 26, 2025

By:

/s/ Joseph R. Saab

Name:

Joseph R. Saab

Title:

Senior Vice President, General Counsel and Corporate Secretary

FAQ

What is International Paper selling in the 8-K (INPAP)?

The company agreed to sell all issued and outstanding equity interests of the entities comprising its Global Cellulose Fibers (GCF) business.

Who are the buyers named in the filing?

The buyers are Absorbent Fiber Topco, Inc., together with Absorbent Fiber Bidco, Inc. (Paper Acquisition US) and Absorbent Fiber Acquisitions Canada, Ltd. (Paper Acquisition Canada).

Has antitrust clearance been obtained for the transaction?

The Federal Trade Commission granted early termination of the HSR waiting period on September 24, 2025, but other regulatory approvals are still required.

Which subsidiaries are included in the sale?

Included entities are GCF US Holdings LLC, GCF (Asia) Limited, International Paper Cellulose Fibers (Poland) sp. z o.o., and International Paper Canada Pulp Holdings ULC.

Is the transaction closed?

No. The transaction is conditioned on customary closing conditions and additional regulatory approvals and therefore has not been completed based on the provided content.