LONDON (News release) - DS Smith is pleased to announce that the U.S. Department of Justice has entered into a consent decree clearing the way for the completion of Olympus Partners and its affiliate Liqui-Box Holdings' pending acquisition of DS Smith's Plastics division.

The consent decree is now subject to the required U.S. federal court ratification, which is the final part of that process and we expect the transaction to complete promptly thereafter.

The sale represents an important step in DS Smith's continued progress as a leader in sustainable packaging with a clear focus on our fibre-based business.

We expect net cash proceeds of approximately £400 million, after taxation, transaction adjustments and expenses, which will be used to reduce financial gearing in line with our medium-term target of net debt / EBITDA at or below 2.0x.