American Industrial Partners (“AIP”), a focused industrials investor, has signed a definitive agreement to acquire the Global Cellulose Fibers division (“GCF”) of International Paper. GCF is the leading global producer of high-quality absorbent fluff pulp for a wide range of personal care applications including feminine care, incontinence, infant diapers, and other products that promote health and wellness.

The deal is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

BofA Securities is acting as exclusive financial advisor to AIP and providing committed financing for the transaction. Davis Polk & Wardwell LLP is acting as transaction counsel, Ropes & Gray LLP is acting as financing counsel, and Baker Botts LLP is acting as regulatory counsel to AIP.

Morgan Stanley & Co. LLC acted as financial advisors, and Debevoise & Plimpton LLP and McCarthy Tétrault LLP acted as legal advisors to International Paper for the sale of the Global Cellulose Fibers business.