International Paper confirmed on 15 October that it was in discussions with potential bidders for its EMEA Packaging Business after receiving unsolicited approaches, while continuing to prepare a separate spin-off and London listing of the unit.
Why Lone Star Funds / Atlas Holdings (reported bidders) is buying International Paper EMEA Packaging Business (DS Smith)
International Paper announced in January 2026 that it would separate its EMEA packaging operations, which combine the DS Smith business it acquired in 2025 with its existing assets in the region. The company said it was evaluating the inbound enquiries and progressing the spin-off in parallel.
Deal terms and financing
No price has been disclosed and no bidder has been named by the company. The Financial Times reported that Lone Star and Atlas Holdings were each exploring a bid and that offers could value the business at less than US$6bn, according to Reuters. Lone Star declined to comment to Reuters and Atlas Holdings did not respond. International Paper's shares rose about 8% on the news.
Regulatory approvals and timing
The company said there could be no certainty that any sale would be agreed or completed, and no assurance on the timing or structure of the separation. It will host a DS Smith capital markets day on 3 November 2026.
Market context
International Paper acquired London-listed DS Smith for US$7.2bn in 2025. On 14 October 2026 it confirmed the planned spin-off would be effected through a listing on the London Stock Exchange.
