MEMPHIS, Tenn. (News release) -- International Paper announced that it has completed the sale of its 50% interest in Ilim SA, the holding company for its Ilim joint venture (JV), to its JV partners for $484MM (USD) in cash.

In addition, the Company completed the sale of its outstanding shares in JSC Ilim Group to its JV partners for $24MM (USD) in cash and is divesting other non-material residual interests associated with Ilim.

With the completion of these transactions, International Paper has divested all of its ownership interests in Ilim.