U.S.-based International Paper secured EU clearance for its 5.8-billion-pound ($7.2 billion) acquisition of UK rival DS Smith with a pledge to sell assets to address competition concerns. International Paper is seeking to boost its European presence in the paper and packaging sector with the deal amid consolidation in the industry.

Sustainable packaging solutions provider International Paper (IP) is set to receive approval from the EU for its £5.8bn ($7.12bn) acquisition of UK competitor DS Smith. Citing sources familiar with the matter, Reuters reported that the move comes after IP agreed to sell certain assets to resolve competition concerns.