Canada's Transcontinental surges on $1.61-billion packaging unit sale

Shares of Canadian packaging firm Transcontinental TCLa.TO jumps 20% to about C$24 in morning trading

Co says it has entered into an agreement to sell its packaging unit to ProAmpac Holdings, valuing it C$2.22 bln ($1.61 bln), including debt

Transcontinental will distribute C$20 per share in cash to its shareholders following the sale

Including session moves, shares up 27.3% YTD