WestRock stockholders will get one share in the new company, called Smurfit WestRock, and $5 in cash for each share they hold, which works out to $43.51 per share, the companies said in a statement.
Smurfit Kappa shareholders will receive one new Smurfit WestRock share for each share they hold.
That could make the deal more than 20% accretive to Smurfit Kappa's earnings per share, the statement added.
Smurfit WestRock will be domiciled in low tax Ireland with its global headquarters in Dublin.
Smurfit Kappa will de-list from Euronext Dublin, the latest blow for the Irish bourse as building materials giant CRH prepares to leave later this month.
Persons:
WestRock, JP Morgan, Jefferies, Tony Smurfit, Ken Bowles, Irial Finan, Smurfit, Yadarisa, Padraic Halpin, Louise Heavens, Jason Neely
Organizations:
Kappa, Europe's, JP, Smurfit, Smurfit Kappa, London Stock Exchange, Irish bourse, Thomson
Locations:
DUBLIN, COVID, South, Central, North America, Europe, Ireland, Dublin, New York, Bengaluru