Smurfit Kappa in its $20 billion combination with WestRock

On September 12, 2023, the Boards of Smurfit Kappa, a FTSE 100 company, and WestRock, an S&P 500 company, announced the signing of a definitive transaction agreement to create Smurfit WestRock, a global leader in sustainable packaging.  Under the terms of the agreement, for each share of common stock of WestRock, the common stockholders of WestRock will receive one new Smurfit WestRock share and $5.00 in cash, representing total consideration to WestRock stockholders equivalent to $43.51 per WestRock share.  Based on Smurfit Kappa’s share price, the combined company’s market capitalization will be approximately $20 billion.  Smurfit Kappa shareholders and WestRock stockholders are expected to own approximately 50.4% and 49.6%, respectively, of Smurfit WestRock, which will be domiciled in Ireland with a listing on the NYSE and a standard listing on the LSE.

Wachtell, Lipton, Rosen & Katz is serving as a legal advisor to Smurfit Kappa.