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.

European Union antitrust regulators conditionally approved International Paper Co.’s 5.8 billion-pound ($7.16 billion) acquisition of London-listed peer DS Smith.The European Commission—the EU’s competition regulator—said Friday that the parties’ offer to sell five of International Paper’s plants in Europe fully addresses its competition concerns over the deal.

BRUSSELS (Reuters) -U.S.-based International Paper is set to get EU approval for its 5.8 billion pound ($7.12 billion) purchase of UK rival DS Smith after agreeing to sell assets to address competition concerns, people with direct knowledge of the matter said on Tuesday.

"International Paper anticipates EU approval for $7.1bn DS Smith acquisition" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information