International Paper (IP) Spin-Offs Veritiv (VRTV)

International Paper (IP) Completes Veritiv (VRTV) Spin-Off; Starts Trading Today on NYSE

Excerpt:

International Paper (NYSE: IP) announced the completion of the previously announced spinoff of its distribution solutions business, xpedx, and xpedx's merger with Unisource, with the combined companies now operating as Veritiv Corporation (NYSE: VRTV). Shares of the newly merged company will begin "regular way" trading on the NYSE under the symbol VRTV today. The spinoff was accomplished by the contribution of the xpedx business to Veritiv and the distribution of 8,160,000 shares of Veritiv common stock on a pro-rata basis to International Paper shareholders. In exchange for such contribution, International Paper today received a special payment of $400 million, subject to certain adjustments, financed with new debt in Veritiv's capital structure.

Comment: Company website. My exciting part of this .... 1 share of VRTV