Paper and packaging solutions provider Westrock has completed the acquisition of US-based Multi Packaging Solutions International (MPS) in a deal valued at $2.28bn, following the receipt of all regulatory approvals.

Under the transaction, WestRock acquired all outstanding shares of MPS for $18 per share in cash and assumed an estimated $873m in net debt.

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WestRock CEO Steve Voorhees said: “I am excited about our acquisition of MPS, which is an important step in the continuing development of WestRock.

“MPS is a leader in the value-added packaging sector, and the addition of MPS to WestRock strengthens our differentiated portfolio of paper and packaging solutions.”

WestRock financed the transaction through a combination of cash on hand and existing credit facilities.

"MPS is a leader in the value-added packaging sector, and the addition of MPS to WestRock strengthens our differentiated portfolio of paper and packaging solutions."

The deal is expected to enhance the company’s presence in the growing healthcare and consumer markets including spirits, confectionary, beauty and cosmetics, as MPS brings complementary print, graphics and design capabilities.

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The acquisition will also broaden WestRock’s differentiated product portfolio, and strengthens its presence in new markets.

MPS uses nearly 225,000t of paperboard each year in its production facilities.

The acquisition will integrate between 35% and 45% of this consumption, which in turn will generate $85m in run-rate synergies by the end of fiscal 2019.

MPS provides print-based specialty packaging solutions and its product offering includes premium folding cartons, inserts, labels and rigid packaging.

The company serves its global customers through 59 locations across North America, Europe and Asia.