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Allen & Overy advises Citi on financing Smurfit Kappa’s proposed merger with WestRock to create USD 20bn giant

Allen & Overy (A&O) has advised Citi, as sole arranger, underwriter and bookrunner on merger facilities to assist Smurfit Kappa Group (Smurfit Kappa) in its proposed merger with WestRock Company (WestRock) to create a global leader in sustainable packaging valued at nearly USD 20 billion. 

Smurfit Kappa, a FTSE 100 company, is one of the leading providers of paper-based packaging solutions in the world, with more than 47,000 employees in over 350 production sites across 36 countries. Its products are 100% renewable and produced sustainably to improve the environmental footprint of its customers.

WestRock, an S&P 500 company, is a leader in sustainable, fibre-based packaging solutions, with more than 58,000 team members and 300 production facilities worldwide. It is one of the largest integrated producers of linerboard, white-top linerboard and corrugating medium in North America.

The combination of these two leading sustainable packaging businesses will, if completed, create a new global packaging giant, Smurfit WestRock, with approximately 100,000 employees worldwide and combined revenues of approximately USD 34 billion.

David Campbell, lead partner at Allen & Overy, said: “We’re proud to have advised our longstanding client Citi on this swiftly executed deal. We love being involved in these complex and transformative transactions, and they highlight the strength of A&O and the way our global teams work together. Here we combined our expertise in bank debt and capital markets, supported by M&A colleagues, across our offices in London and New York, to provide one-shop M&A finance advice for Citi. We look forward to seeing Smurfit WestRock thrive in the future.”

The cross-jurisdictional A&O team was led from London by partner David Campbell, with support from senior associate Dominique Crowley and associate Leo Hotham. The capital markets team in London was led by partner John Kicken, with support from senior associate Odysseas Theofanis and associate Isidora Parga. The banking team in New York was led by partners Ilona Potiha Laor and Elizabeth Leckie, with support from associate John Azzopardi.

Ropes & Gray (lead partner: Sam Norris) advised Smurfit Kappa on financing.