RUSSIA (News release) -- Government of Russia approved the sale of International Paper's 50% stake in the Russian Ilim Group to the Swiss holding company Ilim SA (a joint venture that owns more than 96.37% of the shares of OAO Ilim Group), Ilim Group said in a statement.

The buyers are Russian partners of International Paper Zakhar Smushkin and Boris Zingarevich. The deal to sell International Paper's stake in the joint venture is in its final stages. The parties expect to close it in April 2023, but the process is taking place in a "changing political and regulatory environment" that could affect the timing.

As reported earlier, the deal will amount to $484 million, in addition, the parties also agreed to buy out the remaining 2.39% stake in Ilim Group for $24 million. International Paper became a strategic joint venture partner with Ilim Group in 2007 when it acquired a 50% stake in Ilim Holding for US$650 million.