- Packaging company DS Smith said it had agreed to sell its plastics division to Olympus Partners for an enterprise value of $585m (around £450m).

This price represented a multiple of 9.9 times Ebitda based on the past 12 months to 31 October 2018.

DS Smith said the sale accelerated its programme of deleveraging, with cash proceeds to be used to cut debt.

The sale was expected to result in a substantial exceptional gain and be marginally earnings per share dilutive.

At 9:28am: [LON:SMDS] Smith DS PLC share price was +11.95p at 361.05p

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