By Colin Kellaher
Pactiv Evergreen has struck a deal to be acquired by fellow packaging company Novolex, majority owned by Apollo Global Management, for about $3.22 billion.
The companies Monday said Novolex will pay $18 a share in cash for Pactiv, a nearly 23% premium to Friday's closing price of $14.66 for the Lake Forest, Ill., company and some 32% above the company's closing price on Dec. 2, before published reports said Apollo was exploring a takeover.
New York buyout firm Apollo has been the majority shareholder of Novolex since 2022.
Pactiv and Novolex said the deal, valued at $6.7 billion including debt, is slated to close in mid-2025.
The companies said Canadian pension giant Canada Pension Plan Investment Board will contribute about $1 billion to the deal and will become a significant minority shareholder in the combined company.
Trading in Pactiv shares was halted premarket on Monday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 09, 2024 08:24 ET (13:24 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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