Pactiv Evergreen Secures Regulatory Nod for Acquisition by Novolex
Deal News | Mar 28, 2025 | Globenewswire
Pactiv Evergreen Inc., a prominent manufacturer and distributor in the fresh foodservice and beverage carton industry, has received all necessary regulatory approvals for its acquisition by Novolex. The definitive agreement, which was announced earlier, will see Novolex acquiring Pactiv Evergreen for $18.00 per share in cash. The transaction is expected to close on April 1, 2025, pending customary closing conditions, after which Pactiv Evergreen will become a private entity, delisting from Nasdaq. Financial advisory roles are being handled by Goldman Sachs & Co. LLC and Lazard Frères & Co. LLC, with legal advice from Paul Hastings LLP. As per the acquisition agreement, Pactiv Evergreen anticipates a seamless transition with considerations for ongoing litigation, economic disruptions, and business relationships that could be influenced by the acquisition. This move marks a strategic expansion for Novolex, aligning with their market presence and capabilities.
Sectors
- Foodservice Packaging Industry
- Private Equity and Mergers & Acquisitions
Geography
- North America – Pactiv Evergreen is headquartered in North America, and the transaction involves US-based entities, highlighting the relevance of this geography.
Industry
- Foodservice Packaging Industry – This industry is relevant as Pactiv Evergreen is a major player in the fresh foodservice and beverage packaging sector, producing products for restaurants, foodservice distributors, and beverage producers.
- Private Equity and Mergers & Acquisitions – This industry is pertinent as the article discusses the acquisition of Pactiv Evergreen by Novolex, a strategic M&A move that involves financial and legal advisory roles essential for such transactions.
Financials
- $18.00 per share – The price per share that Novolex will pay to acquire Pactiv Evergreen.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pactiv Evergreen Inc. | Target Company | Company | A leading manufacturer and distributor of fresh foodservice and beverage packaging products in North America. |
| Novolex | Bidding Company | Company | The company acquiring Pactiv Evergreen, seeking to expand its market in the foodservice packaging sector. |
| Goldman Sachs & Co. LLC | Financial Advisor | Company | Acting as a financial advisor for Pactiv Evergreen in the acquisition process. |
| Lazard Frères & Co. LLC | Financial Advisor | Company | Serving as a financial advisor to Pactiv Evergreen in the transaction with Novolex. |
| Paul Hastings LLP | Legal Advisor | Company | Providing legal counsel to Pactiv Evergreen for the acquisition agreement with Novolex. |