Sealed Air to be Acquired by Bain Capital for $3.3B

TL;DR

Bain Capital is buying Sealed Air for $3.3 BILLION. Deal expected to close Q3.

AI Summary

Sealed Air Corporation announced on June 17, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of Bain Capital, LP. The transaction is valued at approximately $3.3 billion. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition signifies a major shift in ownership for Sealed Air, a prominent packaging solutions provider, potentially leading to changes in strategy and operations under new private equity ownership.

Risk Assessment

Risk Level: medium — The deal is subject to customary closing conditions, and regulatory approvals could impact the timeline or completion of the acquisition.

Key Numbers

• $3.3B — Acquisition Value (Total price Bain Capital is paying for Sealed Air.)

Key Players & Entities

• Sealed Air Corporation (company) — Company being acquired
• Bain Capital, LP (company) — Acquiring entity
• $3.3 billion (dollar_amount) — Transaction value
• June 17, 2024 (date) — Date of definitive agreement
• third quarter of 2024 (date) — Expected closing period

FAQ

From the Filing

0001628280-24-028677.txt : 20240618 0001628280-24-028677.hdr.sgml : 20240618 20240618072635 ACCESSION NUMBER: 0001628280-24-028677 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240617 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240618 DATE AS OF CHANGE: 20240618 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEALED AIR CORP/DE CENTRAL INDEX KEY: 0001012100 STANDARD INDUSTRIAL CLASSIFICATION: PLASTIC MATERIAL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 650654331 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12139 FILM NUMBER: 241050181 BUSINESS ADDRESS: STREET 1: 2415 CASCADE POINTE BOULEVARD CITY: CHARLOTTE STATE: NC ZIP: 28208 BUSINESS PHONE: 980-221-3235 MAIL ADDRESS: STREET 1: 2415 CASCADE POINTE BOULEVARD CITY: CHARLOTTE STATE: NC ZIP: 28208 FORMER COMPANY: FORMER CONFORMED NAME: WR GRACE & CO/DE DATE OF NAME CHANGE: 19961015 FORMER COMPANY: FORMER CONFORMED NAME: GRACE HOLDING INC DATE OF NAME CHANGE: 19960805 8-K 1 see-20240617.htm 8-K see-20240617 0001012100 SEALED AIR CORP/DE false 0001012100 2024-06-17 2024-06-17 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM  8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): June 17, 2024   SEALED AIR CORPORATION (Exact Name of Registrant as Specified in its Charter)   Delaware   1-12139   65-0654331 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)   2415 Cascade Pointe Boulevard     Charlotte North Carolina   28208 (Address of Principal Executive Offices)   (Zip Code)   Registrant’s telephone number, including area code: 980 - 221-3235 Not Applicable (Former Name or Former Address, If Changed Since Last Report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.10 per share SEE New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company   ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ Item 8.01 Other Events. On June 17, 2024, Sealed Air Corporation (the “Company”) announced, together with Sealed Air Corporation (US), a wholly owned subsidiary of the Company (together with the Company, the “Issuers”), the pricing of the Issuers’ offering of $400 million aggregate principal amount of 6.500% senior notes due 2032 (the “Notes”). The Issuers expect the offering to close on June 28, 2024, subject to customary closing conditions. A