Sealed Air has agreed to be acquired by funds affiliated with private equity company Clayton, Dubilier & Rice (CD&R) in an all-cash transaction valuing the packaging materials company at $10.3bn.
The deal, approved by Sealed Air’s board, is expected to close in mid-2026.
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Sealed Air will become privately held, retain its headquarters in Charlotte, North Carolina, and be delisted from the New York Stock Exchange.
Sealed Air board chairman Henry Keizer stated: “After careful review of strategic alternatives over the past year, the board is confident that this transaction delivers significant value and is in the best interests of our stockholders and the company.
“Furthermore, this transaction represents a realisation of immediate and certain value for Sealed Air stockholders at a substantial premium and enables the company to execute its long-term strategic vision.”
Under the agreement, US packaging manufacturer’s shareholders will receive $42.15 per share in cash.
The agreement provides a 30-day “go-shop” to solicit alternative bids, plus up to 15 additional days to negotiate with qualified bidders.
Equity financing will be provided by CD&R-affiliated investment funds.
Debt financing has been committed by a group led by BofA Securities, BNP Paribas Securities, Goldman Sachs, JP Morgan Securities, UBS Investment Bank and Wells Fargo.
Additional commitments have been made by Citi, Mizuho and RBC Capital Markets.
Sealed Air designs and supplies packaging materials, equipment and services across the food, medical, e-commerce and industrial sectors.
The company, known for bubble wrap, generated $5.4bn in sales in 2024 and employs 16,400 people globally.
CD&R partner Rob Volpe stated: “We are committed to supporting Sealed Air’s continued investment in its people, assets and product portfolio. We have great respect for Sealed Air’s senior leadership team, and look forward to partnering with them.”
