Pactiv Evergreen to Go Private in $6.7 Billion Deal with Novolex
Deal News | Dec 09, 2024 | Paul Hastings
In a significant transaction advised by Paul Hastings LLP, Pactiv Evergreen Inc., a leading manufacturer and distributor of fresh foodservice and beverage carton products in North America, has agreed to a $6.7 billion merger with Novolex. This all-cash transaction will see Pactiv Evergreen become a privately held entity after Novolex acquires it for $18.00 per share, including Pactiv’s net debt. Novolex, a company known for its diverse packaging solutions across multiple industries, will enhance its market presence through this acquisition. Paul Hastings’ legal team, led by M&A partners Eduardo Gallardo, Jon Kubek, and Tim Fesenmyer, supported the transaction with expertise from various partners, associates, and counsel.
Sectors
- Manufacturing
- Packaging
- Mergers & Acquisitions Advisory
Geography
- North America – Pactiv Evergreen operates primarily in North America, which is the geographical focus of the merger.
Industry
- Manufacturing – Pactiv Evergreen and Novolex are both involved in the manufacturing sector, focusing on foodservice and packaging products.
- Packaging – Both companies specialize in packaging products, with applications across foodservice, industrial, and consumer markets.
- Mergers & Acquisitions Advisory – The role of Paul Hastings LLP as a legal advisor in this significant M&A transaction highlights the advisory services sector.
Financials
- $6.7 billion – The total value of the all-cash transaction, including Pactiv Evergreen's net debt.
- $18.00 per share – The price at which Novolex will acquire shares of Pactiv Evergreen.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pactiv Evergreen Inc. | Target Company | Company | A leading North American manufacturer and distributor of foodservice and beverage carton products. |
| Novolex | Bidding Company | Company | A company specializing in the development and manufacturing of diverse packaging products. |
| Paul Hastings LLP | Legal Advisor | Company | A law firm that provided advisory services for the transaction. |