Apollo’s Novolex to Buy Packaging Rival Pactiv Evergreen
- Novolex to pay $6.7 billion including debt in combination
- Pactiv Evergreen shares jump 19% in early trading in New York
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Apollo Global Management Inc.-owned packaging company Novolex said it will purchase rival Pactiv Evergreen Inc. for $18 a share, or $6.7 billion including debt.
The deal disclosed Monday in a statement confirms an earlier Bloomberg report that Novolex was exploring a potential takeover.