Sustainable packaging solutions provider International Paper (IP) is set to receive approval from the EU for its £5.8bn ($7.12bn) acquisition of UK competitor DS Smith. Citing sources familiar with the matter, Reuters reported that the move comes after IP agreed to sell certain assets to resolve competition concerns.

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.

U.S. firm International Paper is on track to get approval from the European Union (EU) for its acquisition of British competitor DS Smith, according to a Tuesday report by Reuters. The deal, worth 5.8 billion pounds ($7.