{"id":4267,"date":"2024-12-10T05:11:40","date_gmt":"2024-12-10T10:11:40","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=4267"},"modified":"2024-12-10T05:11:40","modified_gmt":"2024-12-10T10:11:40","slug":"novolex-to-merge-with-pactiv-evergreen-in-6-7bn-deal","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=4267","title":{"rendered":"Novolex to merge with Pactiv Evergreen in $6.7bn deal"},"content":{"rendered":"


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The deal is set to finalise in mid-2025. Credit: T. Schneider via Shutterstock.<\/figcaption><\/figure>\n<\/p><\/div>\n

Apollo Global Management<\/a>-owned packaging company Novolex has signed a definitive agreement with Pactiv Evergreen<\/a> to merge into a combined entity in an all-cash deal valued at $6.7bn.<\/p>\n

Expected to finalise in mid-2025, the merger will position the entity in the food, beverage, and speciality packaging industry. Novolex chair and CEO Stan Bikulege will lead the combined entity.<\/p>\n

Bikulege said: \u201cThis transaction reflects the continuation of our long-term growth strategy to create the industry\u2019s most innovative, sustainable and customer-focused company.\u201d<\/p>\n

The merger has the financial backing of Apollo Funds and CPP Investments, contributing approximately $1bn and securing a minority stake post-merger.<\/p>\n

Under the agreement, Pactiv Evergreen shareholders will receive $18 per share in cash. The offer represents a 49% premium over the two-month average trading price before speculation of the deal surfaced on 2 December.<\/p>\n

Upon completion, Pactiv Evergreen will transition to a privately held company, and its shares will be delisted from the Nasdaq<\/a> stock market.<\/p>\n

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