Pérez-Llorca advises PALM Group in IP’s divestment
Pérez-Llorca has served as legal adviser to PALM Group in a key operation with International Paper (IP). IP is currently in exclusive negotiations to divest five corrugated box facilities in Europe—part of a regulatory commitment following its acquisition of DS Smith Plc. The divestment is a condition mandated by the European Commission to approve that acquisition.
The plants included in the proposed sale are located in Normandy, France: a box plant in Saint-Amand, a box plant in Mortagne, and a sheet plant in Cabourg. In Ovar, Portugal: a box plant as well as in Bilbao, Spain: a box plant.
After completing the required French works council consultations and employee information procedures, both parties expect to sign a definitive share purchase agreement, with closure anticipated by the end of Q2 2025.
“This divestiture was a critical obligation following our DS Smith transaction, and we’re pleased to have identified a suitable buyer in PALM,” said Andy Silvernail, Chairman and CEO of International Paper. “We acknowledge the contributions of the teams at these facilities and trust they will continue to thrive under new ownership.”
On behalf of PALM Group, the Pérez-Llorca team included top-tier professionals from its corporate, real estate, tax, regulatory, and competition practices—spanning both its Spain and Portugal offices:
In Spain:
- Corporate M&A: Javier Carvajal (Partner, pictured left), Felipe Sanclemente, Francisco Javier Sanz and Mikel Ataun.
- Real Estate: Javier Villanueva and Eduardo Castilla.
- Tax: Jose Azqueta (Partner) and Ignacio Gonzalez de Yerro.
- Regulatory: Ana Cremades (Partner) and Marta Sancho.
- Competition: Juan Jiménez-Laiglesia (Partner) and Ana Ruiz.
In Portugal:
- Corporate M&A: Rodrigo Nogueira (Partner, pictured right)and João Policarpo.
- Real Estate: Evo Fernandes (Partner), Afonso Ramos Ascensão and Rodrigo Afonso Costa.
- Tax: Susana Estêvão Gonçalves (Partner)and Nicolle Barbetti.
- Employment: Miguel Riço dos Santos.
- Competition: Rita Leandro Vasconcelos (Partner) and Sofia Vilas-Boas.
- Regulatory: Débora Melo Fernandes (Partner).
Through their combined expertise, Pérez-Llorca’s cross-border team ensured seamless advisory support across all aspects of the deal.
