Apollo Global Management-owned (APO) packaging company Novolex on December 9, 2024, entered a merger agreement to acquire Pactiv Evergreen Inc. (PTVE) in a cash deal valued at $6.7 billion.
According to the agreement, Novolex will acquire Pactiv Evergreen for $18.00 per share in cash, representing a 22.62% premium from the stock’s last close.
Pactiv is a leading manufacturer and distributor of food service, food merchandising, and beverage packaging products in North America, offering a wide range of eco-friendly solutions for restaurants, retailers, and food producers.
Novolex is a leading manufacturer of packaging products for the foodservice, delivery, food processing, and industrial markets, focusing on innovative and sustainable solutions across North America and Europe, with a strong emphasis on research and development.
Last week, Bloomberg reported about the companies being in talks for a potential deal. The stock was trading at $13.60 before the initial reports came out.
The deal is expected to close in mid-2025.
The purchase price set by Novolex is 0.51 times the sales and 8.07 times the EBITDA of Pactiv Evergreen Inc.
For a deeper understanding of this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Pactiv Evergreen Inc. (PTVE) by Novolex
The detailed Deal Metrics page offers:
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Editor’s Note: Baranjot Kaur contributed to this article