On August 21, 2025, American Industrial Partners announced a definitive agreement to acquire the Global Cellulose Fibers business of International Paper, and the transaction closed on January 23, 2026. American Industrial Partners, a New York-based industrials-focused private equity investor, acquired the business for US$1.5 billion, including the issuance to International Paper of preferred stock with an aggregate initial liquidation preference of US$190 million. Global Cellulose Fibers now operates as an independent company headquartered in Memphis, Tennessee.

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.