Weil Advises CPP Investments in Novolex’s $6.7 Billion Combination with Pactiv Evergreen

Weil is advising CPP Investments in its approximately $1 billion investment in support of the definitive merger agreement between Novolex (a portfolio company of Apollo), a developer and manufacturer of packaging products, and Pactiv Evergreen (NASDAQ: PTVE), a manufacturer and distributor of fresh foodservice and food merchandizing products and fresh beverage cartons, and in an all-cash transaction valued at $6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024. Following the completion of the transaction, CPP Investments will become a significant minority shareholder in the post-merger company. The transaction is not subject to a financing condition and is expected to close in mid-2025.

The Weil team is led by Private Equity partner Timothy Burns and includes associate James Pierre-Louis, Matt Tobolski, Sam Harrison, Audrey Holds and Jasmine Rivera (Not Yet Admitted in New York); Tax partner Greg Featherman and associate Theo Agbi; Banking & Finance Co-Head Andrew Colao and associates Kaitlin Bond, Tess Savage and Ian Murdoch; Capital Markets partners Merritt Johnson and Ashley Butler; Executive Compensation & Benefits partner Aimee Adler and associates Rebekah French and Sanjana Rao; Technology & IP Transactions partner Dennis Adams and associate Jeeyoon Chung; U.S. Privacy & Cybersecurity Head Olivia Greer and associate Amanda DeMasi; Environmental Head Annemargaret Connolly and associate Graham McHenry; Regulatory Transactions partners Timothy Welch and John O’Loughlin, counsels Nathan Cunningham and Ariel Fliman and associate Sisi Liu; Employment partner Rebecca Sivitz and associates Tom Fiascone and Tammy Tran; Litigation partner Richard Slack; and Real Estate senior attorney Leslie Smith and associates Subrina Chowdhury and Doug Illsley.