The multi-billion-dollar deal announced in December 2024 has gone through. Packaging group Novolex (Hartsville, South Carolina, USA; www.novolex.com) has acquired its competitor Pactiv Evergreen (Lake Forest, Illinois, USA) for approximately USD 6.7 mn (EUR 6.12 bn), the company announced.

According to the agreement, Pactiv Evergreens shares have been delisted from the Nasdaq stock exchange. Shareholders received USD 18.00 per share, representing a premium of 49% over the average share price for the two-month period up to 2 December 2024, the last trading day before initial media reports about a potential takeover.

Related: Novolex sold to investment company Apollo

The merged company, headquartered in Charlotte, North Carolina, will operate under the name Novolex and is now one of the largest providers of food packaging worldwide, the firm said. Led by Novolex CEO Stan Bikulege, the group has a pro forma turnover of just under USD 10 bn and employs around 20,000 people across more than 100 production facilities. While the main focus is on North America, numerous manufacturing sites are also located in Europe. The product range includes packaging made from plastic, cardboard, and paper fibres.

This is already the second multi-billion-dollar acquisition in the packaging sector within just a few months, following Amcors (Zurich, Switzerland; www.amcor.com) purchase of Berry Global (Evansville, Indiana, USA; www.berryglobal.com).