Deal Description: On August 21, 2025, American Industrial Partners (AIP), a U.S.-based industrials-focused private equity firm, announced its affiliate has signed a definitive agreement to acquire the Global Cellulose Fibers division (GCF) of International Paper (NYSE: IP). GCF is the leading global producer of high-quality absorbent fluff pulp for a wide range of personal care applications including feminine care, incontinence, infant diapers, and other products that promote health and wellness. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in Q4 2025.

GCF is a leading producer of fluff pulp, high quality softwood pulp, and modified fibers at its manufacturing facilities across the U.S., Canada, and Poland. The company generates approximately $2.5 billion in annual revenue and its well-invested manufacturing footprint positions it to benefit from durable demand tailwinds, including population growth, rising incomes, and customer desires for product absorbency and comfort.

Baker Botts advised AIP on antitrust matters through a cross-border team in Washington, D.C. and Brussels. 

The Baker Botts team was led by Paul Cuomo (Partner, Washington, D.C.) and included David Cardwell (Partner, Brussels), Christine Ryu-Naya (Special Counsel, Washington, D.C.), Michael Bodosky (Special Counsel, Washington, D.C.), Ciara Barbu-O’Connor (Senior Associate, Brussels), and Margot Vogels (Associate, Brussels).

AIP’s press release can be found here.

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