Novolex to acquire Pactiv Evergreen with US$6.7 billion
Novolex and Pactiv Evergreen announced that they have entered into a definitive agreement to combine, creating a leading manufacturer in food, beverage and specialty packaging products.
Novolex will acquire Pactiv Evergreen in an all-cash transaction valued at US$6.7 billion.
Under the terms of the agreement, Novolex will acquire Pactiv Evergreen for US$18 per share in an all-cash transaction valued at US$6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024.
Upon the completion of the transaction, Pactiv Evergreen will become a privately held company, and its common stock will no longer be listed on Nasdaq. The combined company will be led by Novolex Chairman and CEO Stan Bikulege.
“Pactiv Evergreen’s strong product portfolio, along with their talented team, will complement and add significant depth to Novolex’s diverse packaging solutions,” said Stan Bikulege, Chairman and CEO of Novolex.
This strategic combination will bring advantages to both companies and the food packaging industry, including:
Delivering greater choice with more than 250 brands and 39,000 combined SKUs, establishing one of the most diverse substrate sets in the packaging industry, including multiple types of fiber, resin and post-consumer recycled content;
Improving service to customers, including the top household names in grocery, retail, quick- and full-service restaurants, foodservice, food and beverage producers and industrials;
Accelerating product innovation by combining respective experience in materials science, R&D and customizable product development capabilities and manufacturing technologies;
Providing additional service and distribution capabilities through a broad manufacturing footprint across the US, Canada and Mexico; and
Enhancing both companies’ commitment to sustainability through greater resources to invest in R&D for materials and sustainability strategies.
