Atlanta-based BWAY Holding Company, a supplier of containers for paint, chemicals, food and other products, is about to be acquired in a deal valued at $915 million—but no Atlanta lawyers are in on the action.
Debevoise & Plimpton is representing BWAY, and Sullivan & Cromwell is representing the company’s transaction committee. Attorneys from Kirkland & Ellis represented the acquirer, a company organized by Madison Dearborn Partners, a Chicago-based private equity firm.
Under the agreement, BWAY shareholders will receive $20 cash for each share of common stock, which represents a premium of about 25 percent over the 30-day average closing price on March 26. Bank of America Merrill Lynch and affiliates of Deutsche Bank Securities Inc. have agreed to provide debt financing for the transaction. Goldman, Sachs & Co. acted as financial advisor to BWAY’s transaction committee.
The transaction is subject to regulatory approval and to approval by holders of a majority of BWAY’s shares. It is expected to close in the second or third quarter of this year.