A December to Remember: Novolex’s $3.2B Pactiv Acquisition Leads M&A Activity
December 2024 marked a significant increase in merger and acquisition activity, with Novolex Holdings LLC’s $3.2 billion acquisition of packaging company Pactiv Evergreen Inc. taking center stage. This deal, backed by Apollo Management, stands as one of the most substantial transactions announced in the year’s final month.
Other noteworthy December deals encompassed Patient Square Capital’s $2.8 billion agreement to acquire Patterson Cos., and Macquarie Asset Management’s $2.4 billion investment for a 40% stake in Dow Inc.’s US Gulf Coast infrastructure assets. Additionally, the month saw INEOS AG acquire CNOOC Holdings USA for a reported $2 billion.
The surge in deal-making activity signals a resurgence of confidence in the M&A market following a challenging 2023. Technology services led sector activity with significant growth compared to the previous year, while the energy and process industries also demonstrated strong momentum. Analysts predict this trend will carry on into 2025 as companies utilize accumulated cash reserves and financing conditions improve.
Source: FactSet