The joint venture partners entered into an agreement to acquire remaining 50% stakes in IlIM SA from International Paper Company (NYSE:IP) for approximately $480 million on January 24, 2023. The completion of the sale is subject to various closing conditions, including the receipt of regulatory approvals in Russia. As of March 28, 2023, the sub-commission of the government commission for control over foreign investment in the Russian Federation has approved the transaction. The transaction is expected to close in April. Ani Kusheva of Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal advisor to International Paper Company. BofA Securities acted as financial advisor to the transaction. JPMorgan acted as financial advisor in the transaction.

The joint venture partners completed the acquisition of remaining 50% stakes in IlIM SA from International Paper Company (NYSE:IP) on September 18, 2023.