Pactiv Evergreen Combines with Novolex in $6.7 Billion Deal
Deal News | Dec 11, 2024 | Paul Hastings
Paul Hastings LLP, a preeminent law firm engaged in global finance and M&A activities, has successfully advised clients on two multibillion-dollar deals announced this week. The firm's M&A team, led by prominent partners, facilitated a $6.7 billion all-cash merger of Pactiv Evergreen Inc. with Novolex, positioning the combined entity as a leader in food, beverage, and specialty packaging products. Concurrently, Paul Hastings' Global Finance team provided counsel for Lone Star's $3 billion acquisition of Carrier Global Corporation's Fire business, culminating in the formation of Kidde Global Solutions, a world leader in fire and life safety solutions.
Sectors
- Legal Services
- Mergers & Acquisitions
- Packaging
- Fire Safety
Geography
- United States – Paul Hastings is based in the United States, and the transactions—Pactiv Evergreen's merger and Carrier Global's division sale—are taking place within the U.S.
Industry
- Legal Services – Paul Hastings LLP, a law firm, advised on the legal aspects of these significant transactions.
- Mergers & Acquisitions – The article highlights M&A activities involving Pactiv Evergreen, Novolex, and Carrier Global.
- Packaging – Involved due to Pactiv Evergreen and Novolex merging to enhance capabilities in the food, beverage, and specialty packaging sectors.
- Fire Safety – Relevant because of the formation of Kidde Global Solutions, specializing in fire and life safety solutions, post-acquisition.
Financials
- $6.7 billion – The value of the merger transaction between Pactiv Evergreen Inc. and Novolex.
- $3 billion – The acquisition cost for Lone Star's purchase of Carrier Global Corporation’s Fire business.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paul Hastings LLP | Legal Advisor | Company | A major global law firm providing legal services across multiple domains, including M&A and finance. |
| Pactiv Evergreen Inc. | Target Company | Company | A leading manufacturer in food, beverage, and specialty packaging products involved in a merger with Novolex. |
| Novolex | Bidding Company | Company | A company involved in purchasing Pactiv Evergreen to form a more robust manufacturing entity. |
| Lone Star | Bidding Company | Company | An investment firm acquiring Carrier Global Corporation’s Fire business. |
| Carrier Global Corporation | Selling Company | Company | A corporation selling its Commercial and Residential Fire business as part of restructuring. |
| Kidde Global Solutions | Target Company | Company | New entity formed following the acquisition of Carrier Global's Fire business, focusing on fire and life safety solutions. |