Clearwater Paper Corporation Enters Definitive Agreement to Sell Its Tissue Business for $1.06 Billion

Subject to adjustments for debt, cash, transaction expenses and net working capital, the transaction value totaled $1.06 billion.

The transaction represents the next step in Clearwater’s transformation to become a premier independent supplier of paperboard to North American converters, as reported by a company press release.

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The Pillsbury deal team was led by Global Technology, Media and Telecom (TMT) practice leader Justin Hovey, Corporate M&A partner Veronica Nunn and senior associate Larissa Roche and included Global Sourcing & Technology Transactions partner Mario Dottori, special counsel Sarvesh Mahajan and associates Gabby Torres and Samuel Markel; Finance partner Philip Tendler, senior associate Olivia Lugar and associate Terrel Ferguson; Bank & Leveraged Finance partner Joseph Fastiggi; Real Estate partner Noa Clark, senior associate Samantha Sharma and associates Allan Van Vliet and Cara MacDonald; Antitrust & Competition partner Michael Sibarium and attorney Evan Storm; Executive Compensation & Benefits partners Christine Richardson and Peter Hunt and associate Jennifer Wong; Intellectual Property partner Ed Cavazos and counsel Sandro Serra; Tax partner Julie Divola; International Trade partner Matthew Rabinowitz and associate Ata Akiner; Litigation partner Alex Lathrop; Insurance Recovery & Advisory attorney Bryan Coffey; Government Law & Strategies partner Aimee Ghosh; Regulatory associate Arielle Heffez; and Corporate counsel Brandon Eckford and associates Valerie Medina, Sheetal Misra, Kendy Chan, Isabella Borges and Carissa Lee.