Newell Brands Waddington Group suitor Novolex in final acquisition talks - report
03 MAY 2018
Novolex, the Hartsville, South Carolina-based packaging company backed by PE firm Carlyle Group [NASDAQ: CG], is in final talks to acquire New Jersey-based Newell Brands’ [NYSE:NWL] Waddington Group, a newswire reported. Waddington, a manufacturer of disposable cutlery and drinkware for the food service sector, is worth USD 2bn, Reuters said, citing three sources close to the process.
A deal could be announced within days, according to the report.
Newell shares rose 0.5% to USD 27.19 on Wednesday, which gave the company a market capitalisation above USD 13bn.
According to previous reports, suitors for Waddington included Faerch Plast A/S, backed by Advent and WellspringCapital-backed Hoffmaster.
Goldman Sachs and JPMorgan Chase are running the sale.
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