Novolex a prominent packaging company financed by Apollo Global Management has agreed to purchase Pactiv Evergreen for $3.2 billion plus debt in a transaction valued at $6.7 billion.  The purchase price of $18 per share represents a 23 percent premium to the Friday December 6^th closing price. The transaction should be completed before mid-2025 at which time Pactiv Evergreen will become a privately held company.  Novolex is based in Charlotte, NC. and produces a range of packaging products for the food service, carryout and industrial markets.

A representatives of Apollo Global Management noted, “As the packaging industry continues to evolve bringing together these two talented teams will better position the combined company with enhanced and complementary capabilities, to meet shifting consumer demands and provide the highest quality products and services to customers.

Pactiv manufactures cartons and packaging for the U.S. egg and related food industries.