Smurfit sale set to raise €3.7bn

The Smurfit Jefferson group is set to be broken up with a chunk of the company likely to be sold off for €3.7bn.

A pre-conditional cash offer from Chicago-based venture capital company, Madison Dearborn, has been accepted.

Should the deal go through, Smurfit Jefferson shareholders will gain a significant windfall, as well as obtaining shares in Madison Dearborn.

This sale has come about because of difficult trading conditions in the paper print and packaging business for Smurfit.