On December 9, 2024, Novolex announced its US$6.7 billion (approximately C$9.05 billion) all-cash acquisition of Pactiv Evergreen, including net debt, at $18.00 per share—a 49% premium to its unaffected average price. CPP Investments contributed US$1 billion (approximately C$1.35 billion) to the deal, becoming a key minority shareholder alongside Apollo Funds. The transaction is expected to close mid-2025.

Weil, Gotshal & Manges LLP advised CPP Investments. Barclays Bank PLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Novolex, with Goldman Sachs, Lazard Frères & Co., and Paul Hastings LLP advising Pactiv Evergreen. The deal combined two leading packaging companies, enhancing innovation, sustainability, and market reach across North America.