IP Completes xpedx Spinoff, Merger with Unisource
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International Paper, Memphis, Tenn., USA, this past week announced the completion of its previously announced spinoff of xpedx, and xpedx's merger with Unisource, with the combined companies now operating as Veritiv Corp. The spinoff was accomplished by the contribution of the xpedx business to Veritiv and the distribution of 8,160,000 shares of Veritiv common stock on a pro-rata basis to IP shareholders.
In exchange for the contribution, IP received a special payment of $400 million, subject to certain adjustments, financed with new debt in Veritiv's capital structure. Immediately following the distribution, UWW Holdings, the parent company of Unisource Worldwide, merged with and into Veritiv, with the parent company of UWW Holdings receiving 7,840,000 unregistered shares of Veritiv common stock (equal to approximately 49% of the total resulting outstanding shares of Veritiv common stock) as merger consideration. Veritiv has now begun "regular way" trading on the New York Stock Exchange under the symbol VRTV.
