Newell Brands To Sell Waddington Group To Novolex In $2.3 Bln Deal Quick Facts

(RTTNews) - Newell Brands, Inc. (NWL) agreed Friday to sell The Waddington Group, its global consumer and commercial package manufacturing business, to Novolex Holdings, LLC for gross proceeds of $2.3 billion, subject to customary working capital and transaction adjustments.

Novolex Holdings, LLC is a leading provider of paper and plastic packaging products backed by Carlyle Group L.P. (CG).

The sale is part of Newell Brands' previously announced Accelerated Transformation strategy, designed to create a simpler, faster, stronger consumer-focused portfolio of leading brands.

Waddington's 2017 net sales were $907 million. The company expects the transaction to result in after-tax proceeds of about $2.2 billion, which will be applied to deleveraging and share repurchase.

The transaction is expected to close within about 60 days, subject to customary closing conditions, including regulatory approval. J.P. Morgan Securities LLC acted as financial advisor to Newell Brands on the transaction.