We are advising Packaging Finance as the majority shareholder of Pactiv Evergreen in connection with the acquisition

Davis Polk is advising Packaging Finance Limited as the majority shareholder of Pactiv Evergreen Inc. in connection with Pactiv’s $6.7 billion acquisition by Novolex. Upon the completion of the transaction, Pactiv will become a privately held company, and its common stock will no longer be listed on Nasdaq. The transaction is subject to receipt of regulatory approvals and other customary closing conditions and is expected to close in mid-2025.

Pactiv Evergreen is a leading manufacturer and distributor of fresh foodservice and food merchandizing products and fresh beverage cartons in North America. Pactiv Evergreen produces a broad range of on-trend and feature-rich products that protect, package and display food and beverages for today’s consumers. Its products, many of which are made with recycled, recyclable or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers and processors.

Novolex develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor and industrial markets that touch nearly every aspect of daily life. The Novolex family of brands provides customers with innovative food and delivery packaging and performance solutions products for their business needs today while investing in research and development to engineer more sustainable choices for the future. With more than 10,000 employee families, Novolex operates 56 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers.

The Davis Polk corporate team includes partners Lee Hochbaum and Byron B. Rooney and associate Jonathan Bi. All members of the Davis Polk team are based in the New York office. 

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