S&P puts WestRock on watch

S&P said it placed all of its ratings on WestRock Co. on CreditWatch with negative implications.

The CreditWatch negative placement follows WestRock's announcement that it has reached a definitive agreement to acquire KapStone Paper and Packaging Corp., which produces containerboard, corrugated and specialty paper products.

“We expect the transaction to be valued at $4.9 billion. WestRock had roughly $6.9 billion of adjusted debt as of its fiscal year end on Sept. 30, 2017,” S&P said in a news release.

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