Unisource Worldwide Inc. and xpedx Agree to Merge
New publicly held distribution company to create enhanced platform
for profitable growth across packaging, print and facility solutions.
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Transaction Details
The transaction will be accomplished through a Reverse Morris Trust structure. International Paper will contribute the assets of xpedx to a newly formed wholly owned subsidiary, xpedx Holding Company, in exchange for the stock of the subsidiary, a cash payment of approximately $400 million expected to be financed with new debt in the new company's capital structure, as well as the potential for an additional cash payment pursuant to an "earn-out" in the sixth year after closing. The subsidiary will be spun off into a new company.
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