M&A · Industrials · Plastics, Foil & Coated Paper Bags
Novolex Holdings, LLC to acquire Pactiv Evergreen Inc.
Announced Dec 9, 2024 · Closed Apr 1, 2025
Deal value$6.70BEV $6.70B
Premium32.0%To unaffected price
EV / Adj. EBITDA8.4x1.3x EV / Revenue
ConsiderationAll cash$18.00 per share
Transaction
- Acquirer
- Novolex Holdings, LLC
- Target
- Pactiv Evergreen Inc. (PTVE)
- Buyer type
- Strategic
- Offer price per share
- $18.00
- Enterprise value
- $6.70B
- Status
- Closed Apr 1, 2025
Deal protections
- Break fee (target pays)
- $67.0M · 1.0%
- Reverse fee (buyer pays)
- $236M · 3.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Wells Fargo, UBS, Barclays, RBC Capital Markets, Morgan Stanley, Goldman Sachs, Lazard
Sector context · Industrials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 32.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- 8.4x vs. 9.4x sector median
- Break fee
- 1.0% vs. 2.8% sector median
Timeline
- AnnouncedDec 9, 2024
- Proxy filedDec 20, 2024
- Definitive proxyDec 30, 2024
- Shareholder vote—
- ClosedApr 1, 2025
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$15.00$27.00
Future share priceGoldman Sachs$16.00$23.00
Precedent transactionsGoldman Sachs$13.00$25.00
Premiums paidGoldman Sachs$15.00$18.00
Discounted cash flowLazard$16.50$22.30
Trading comparablesLazard$12.95$17.60
Precedent transactionsLazard$16.85$23.30
Trading comparablesLazard$12.50$17.10
52-week trading rangeLazard$9.29$15.53
Offer $18.00
Implied value per Pactiv Evergreen Inc. share by analysis, from Goldman Sachs and Lazard · DCF discount rate 8%–9.5%.