International Paper Announces Completion of xpedx Spinoff and Merger with Unisource

International Paper, Memphis, Tenn., announced the completion of the previously announced spinoff of its distribution solutions business, xpedx, and xpedx's merger with Unisource, with the combined companies now operating as Veritiv Corporation.

The spinoff was accomplished by the contribution of the xpedx business to Veritiv and the distribution of 8.16 million shares of Veritiv common stock on a pro-rata basis to International Paper shareholders. In exchange for such contribution, International Paper received a special payment of $400 million, subject to certain adjustments, financed with new debt in Veritiv's capital structure.