International Paper completes sale of Global Cellulose Fibers business to American Industrial Partners for US$1.5B

On January 23, 2026, International Paper completed the sale of its Global Cellulose Fibers division to an affiliate of American Industrial Partners ("AIP") in a deal worth US$1.5 billion, including the issuance of preferred stock with an aggregate initial liquidation preference of US$190 million. 

International Paper, headquartered in Memphis, Tennessee, is a manufacturer of pulp and paper products that produces a wide range of goods including printing and specialty papers, packaging materials, lumber, and construction products. 

Global Cellulose Fibers is a division of International Paper that produces high-quality absorbent fluff pulp for personal care products.

AIP, based in New York City, New York, is a private equity firm that invests in mid-market industrial businesses.

McCarthy Tétrault LLP advised International Paper with a team led by Catherine Samuel and Rebecca Wieschkowski, that included Jonathan Brisebois (Corporate and M&A), Kim Howard (Environmental & Regulatory), Matt Kraemer, Simon Douville, Daniel Downie, Tyler Warchola (Tax), Casey Halladay, Alykhan Rahim (Competition/Antitrust), Olivia Colic, Elizabeth Rafferty (Real Property & Planning), Benjamin Aberant, Chris Boettcher (Labour & Employment), Julia Miller (Pensions, Benefits & Executive Compensation), Vincent Yip (Intellectual Property), Ann Walker, Sandra Robbins (Corporate/Business Law Services), John Boscariol, Robert Glasgow (International Trade), Jade Buchanan (Privacy) and Hartley Lefton (Insurance).