Pactiv Evergreen Clears Regulatory Hurdle for Novolex Acquisition
Deal News | Jan 21, 2025 | Globenewswire
Pactiv Evergreen Inc., a prominent manufacturer and distributor of fresh food and beverage packaging in North America, has announced the expiration of the Hart-Scott-Rodino waiting period for its acquisition by Novolex. The acquisition, valued at $18.00 per share in cash, will transform Pactiv Evergreen into a privately held entity once completed. With financial advice from Goldman Sachs and Lazard Frres, and legal counsel from Paul Hastings LLP, the transaction is on track to close in the second quarter of 2025 following foreign antitrust approvals and customary closing conditions. This strategic move aligns with Novolex’s objectives to expand its footprint in the food packaging industry. The press release highlights possible risks, emphasizing regulatory approvals, potential litigation, and the impact on Pactiv Evergreen's operations during the transaction phase. Stakeholders are advised to remain informed through official filings and updates regarding the acquisition's progress.
Sectors
- Manufacturing
- Packaging Solutions
- Private Equity & Investment
Geography
- United States – The transaction involves Pactiv Evergreen, a major North American company headquartered in Illinois, USA.
Industry
- Manufacturing – Pactiv Evergreen is involved in the manufacturing of foodservice and food merchandising products.
- Packaging Solutions – Pactiv Evergreen produces packaging products, a key aspect of its business operations.
- Private Equity & Investment – Novolex, a private company, is engaging in acquisitive activity typical of private equity strategies.
Financials
- $18.00 per share – The cash offer price for the acquisition of Pactiv Evergreen by Novolex.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pactiv Evergreen Inc. | Target Company | Company | A leading North American manufacturer and distributor of fresh foodservice and packaging products. |
| Novolex | Bidding Company | Company | The private company set to acquire Pactiv Evergreen. |
| Goldman Sachs & Co. LLC | Financial Advisor | Company | Acting as a financial advisor to Pactiv Evergreen for this transaction. |
| Lazard Frres & Co. LLC | Financial Advisor | Company | Providing financial advice to Pactiv Evergreen regarding the acquisition. |
| Paul Hastings LLP | Legal Advisor | Company | Legal advisor to Pactiv Evergreen for the acquisition process. |
| United States Securities and Exchange Commission (SEC) | Regulatory Authority | Government | Overseer of regulatory filings, such as the Schedule 14C, related to the acquisition. |