MeadWestvaco Corporation announced that it has completed the sale of its Papers business and associated assets for $2.3 billion to NewPage Corporation, a new company controlled by Cerberus Capital Management L.P. MeadWestvaco received cash proceeds of approximately $2.2 billion and a promissory note of $100 million. Smith, Gambrell & Russell was selected by MeadWestvaco as the lead timber counsel.

MeadWestvaco, with approximately 23,000 employees, now has more than $6 billion in annual revenues, with about three-quarters coming from the packaging business and about one-third from international sources. Under the terms of the transaction, NewPage acquires MeadWestvaco’s writing and printing papers business.

Mark Pottorff was the lead SGR attorney in this transaction.