Lovells, Clifford Chance (CC) and Freshfields Bruckhaus Deringer have landed lead roles on the initial public offering (IPO) of packaging company Smurfit Kappa, in a transaction that values the company at €5.5bn (£3.7bn).

The cardboard box manufacturer – which is part-owned by buy-out houses CVC Capital Partners and Cinven – announced its intention to raise €1.3bn (£870m) on the Irish and London stock exchanges yesterday (14 February).

The dual listing will be used to repay debt and values the company at between €4.4bn-€5.5bn (£2.9bn-£3.7bn).

Lovells advised Smurfit Kappa, with corporate partner Richard Brown leading the team, while CC advised Deutsche Bank as global co-ordinator and joint book-runner alongside Citigroup, Goldman Sachs and Irish bank Davy.

Freshfields acted on behalf of CVC and Cinven, led by corporate partners David Higgins, Edward Braham and Christopher Mort.

The magic circle firm previously advised CVC and Cinven on the merger between packaging group Kappa and rival Jefferson Smurfit Group in 2005 which formed Smurfit Kappa.

The deal underlines Freshfields' growing relationship with Cinven, which is also a client of top 10 City firm Ashurst, while CVC gives much of its top-end UK corporate work to CC.

Cinven has instructed Freshfields on a string of major deals in the last 12 months, including its €1.3bn (£872m) acquisition of medical equipment group Phadia from PPM Capital and Triton last November.

Freshfields also advised the buy-out giant's on its €2.57bn (£1.74bn) acquisition of Italian aerospace group Avio in August 2006 and its £560m offer for Gondola Holdings a month later.

Smurfit Kappa is Europe's largest paper packaging manufacturer, making cartons, paper sacks and packaging board. It employs over 40,000 people in 30 countries, with sales in excess of €7bn (£4.7bn).