Cleary Gottlieb represents Suzano on the acquisition of Pactiv

Cleary Gottlieb represented Suzano in a definitive agreement to purchase Pactiv Evergreen paper mill in Pine Bluff, Arkansas, and extrusion facility in Waynesville, North Carolina, for $110 million in cash, subject to customary adjustments. In addition, the parties have agreed to enter into a long-term supply agreement, which will be effective upon the closing of the transaction.

The transaction signed on July 12, 2024, and is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions, including regulatory approvals.

Suzano is a global paper and pulp producer and one of Latin America’s largest paper manufacturers. This transaction provides Suzano with a long-term strategic opportunity to advance through the value chain in the North American paperboard market.

Pactiv is a leading manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons in North America.

The Cleary M&A team includes partners Juan Giráldez (pictured left) and Charles Allen (pictured right), associates Silvia Fittipaldi, Kate Ginsbern, and Ayah Al-Sharari, and law clerk Farida Hassan. Partner Daniel Culley is advising on antitrust and competition matters. Partner Alan Levine and associate Michael Gao are advising on employee benefits and executive compensation matters. Partner Marcela Robledo and associates Samantha Simmons and Natalie Curry are advising on intellectual property, data privacy, and cybersecurity matters. Partner Jason Factor, counsel Swift Edgar, and associate Kelsey Barthold are advising on tax matters. Partner Beau Sterling and associate Madison Bush are advising on environmental matters. Partner Daniel Reynolds and real estate resource lawyers Jacqueline Debs and David Groman are advising on real property matters. Partner Chase Kaniecki and associate B.J. Altvater are advising on CFIUS and FDI matters.