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Pactiv Evergreen Acquired by Novolex for $6.7 Billion

Novolex announced the acquisition of Pactiv Evergreen, which will enhance its food and beverage packaging capabilities with over 250 brands and 39,000 combined SKUs.

Pactiv Evergreen
PMMI ProSource

Novolex has announced its acquisition of competitor Pactiv Evergreen in a transaction valued at $6.7 billion, per Reuters. This strategic move aims to bolster Novolex's food and beverage packaging position amidst a cautious economic environment. The acquisition involves an all-cash purchase of Pactiv for $18 per share, including debt, representing a 32.4% premium over Pactiv's closing price on December 2.

“This transaction reflects the continuation of our long-term growth strategy to create the industry’s most innovative, sustainable and customer-focused company,” said Stan Bikulege, Chairman and CEO of Novolex. “Pactiv Evergreen’s strong product portfolio, along with their talented team, will complement and add significant depth to Novolex’s diverse packaging solutions. Our companies share a dedication to customer success, a steadfast entrepreneurial spirit and have aligned values of integrity, collaboration and excellence. Our commitment to employees is unwavering in making this a best-in-class, high growth platform. We’re excited to continue our growth journey and are confident this combination will strengthen the future of food and beverage packaging.”

The announcement has led to a significant increase in Pactiv's share value, which rose by approximately 19%. Pactiv, which serves a diverse clientele that includes restaurants, retailers, and food producers, recently reported a decline in third-quarter revenue due to lower sales volumes and increased raw material costs.

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