BRUSSELS (From news reports) -- U.S.-based International Paper secured EU clearance for its 5.8-billion-pound ($7.2 billion) acquisition of UK rival DS Smith with a pledge to sell assets to address competition concerns.

International Paper is seeking to boost its European presence in the paper and packaging sector with the deal amid consolidation in the industry.

The European Commission said the U.S. packaging company will divest five of its plants in Europe. These include three plants in France, one in Portugal and one in Spain.