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Apollo to Pay $4 Billion for Packaging Group RPC

US private equity firm Apollo Global Management has agreed to pay $4.28 billion in cash for packaging products maker RPC Group.

Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC

The news comes after months of negotiations and speculations over the potential transaction. Apollo agreed the the deal just hours before the regulatory deadline, which has been extended five times since the discussions started in September last year.

Apollo’s offer of 0.782 pounds per share represents a premium of 15.6%to RPC’s closing price on September 7, the last trading day before talks began. RPC’s shares were up 5.5% on Wednesday as much as 5.5 percent to 0.774 pounds per unit.

RPC is Europe’s biggest packaging maker, manufacturing packaging products for beverages, healthcare products and coffee capsules. The company operates in 33 countries and employs about 25,000 people.

In 2018, the packaging segment saw another big buyout. Australia’s Amcor agreed to acquire US firm Bemis for $5.25 billion, while DS Smith paid $2.2 billion Spain’s Europac.

Rothschild & Co, Credit Suisse) and Evercore advised RPC in connection with the transaction.

Barclays and Citi served as financial advisers for Apollo.