International Paper

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completed the sale of its coated and supercalendered papers business to an affiliate of Apollo Management.

The $1.4 billion deal includes about $30 million in the form of 10% limited partnership interest in CMP Investments.

This interest includes the right to receive additional payments contingent upon achievement of certain investment return hurdles, the company said.

The coated and supercalendered papers business generated $1.6 billion sales in 2005 and will be renamed Verso Paper Holdings.

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