12:00 PM EST, 12/09/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph, and additional details in the third and fourth paragraph.)

Pactiv Evergreen's ( PTVE ) shares rose 19% in recent trading activity on Monday after Apollo Global Management's ( APO ) Novolex agreed to buy it for $18 per share in an all-cash deal valued at $6.70 billion, the companies said.

Following deal closure expected in mid-2025, Pactiv Evergreen ( PTVE ) shares will no longer be listed on the Nasdaq and the combined company will be led by Novolex CEO and Chairman Stan Bikulege, the companies said.

The transaction is backed by Apollo-managed funds, that have been the majority shareholder of Novolex since 2022, and the Canada Pension Plan Investment Board, which will invest around $1 billion and become a key minority shareholder in the merged company, according to the statement.

The deal has been approved by Pactiv Evergreen's ( PTVE ) board of directors and is awaiting regulatory approvals and other customary closing conditions. It has also been approved by Packaging Finance, the majority shareholder of Pactiv Evergreen ( PTVE ), the companies said.