CVC-Owned Syntegon Hikes Debt by 40% for Shareholder Payout

Syntegon, the German packaging machine maker owned by CVC Capital Partners Plc, has boosted its debt pile in order to pay shareholders a dividend of more than €550 million ($648 million) after a sale process was put on ice, according to people familiar with the matter.

The private equity firm is now exploring selling a minority stake in Syntegon, said the people, who declined to be identified because the information is private. That sale could be to another private equity firm, one of the people added.