We are advising Elliott on the transaction

Davis Polk is advising Elliott Investment Management L.P. in connection with its acquisition of a majority ownership stake in American Greetings. Existing owners Clayton, Dubilier & Rice and the Weiss family will maintain a significant minority ownership interest in American Greetings. The acquisition is subject to customary closing conditions, including the receipt of regulatory approval, and is expected to close in the first quarter of 2025. Financial terms of the transaction were not disclosed.

Elliott Investment Management manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

American Greetings is a global leader in the large and enduring celebrations marketplace, helping people celebrate holidays, each other and all of life’s special moments. The company’s brands include American Greetings, Papyrus, Carlton Cards and Recycled Paper Greetings. Its digital business unit, AG Interactive, is a leading provider of digital greetings and premium celebrations content through proprietary technology platforms and apps. 

The Davis Polk corporate team includes partner Michael Gilson, counsel Jason Bassetti and associate Jack Gordge. Partner Jack Orford and associate James Moore are providing sponsor finance advice. Partner William A. Curran is providing tax advice. Partner Jennifer S. Conway and associate Hao (Leo) Hu are providing executive compensation advice. Partner Matthew J. Bacal and associate Francesca Masella are providing intellectual property advice. Members of the Davis Polk team are based in the New York, Northern California and London offices. 

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