Gulf Refined Packaging entered into a definitive agreement to acquire remaining 50% stake in Flexible Packaging Joint Venture of Greif, Inc. for approximately $120 million.
January 02, 2022
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Gulf Refined Packaging entered into a definitive agreement to acquire remaining 50% stake in Flexible Packaging Joint Venture of Greif, Inc. (NYSE:GEF) for approximately $120 million on December 31, 2021. Purchase price is subject to certain conditions and post-closing adjustments. Greif expects to use the proceeds for debt repayment.
The transaction is expected to close by March 31, 2022 at which point Greif will adjust its Fiscal 2022 guidance for the divestiture. Phil Comerford, Erik Versteeg, Grace Johnson, Rabee Sahyoun, Fahd Aijaz, Daniel Sandler, Johannes Wiedekind and Manuel Pestana Rocha da Silvaof ING Corporate Finance acted as sole financial advisors to Al-Dabbagh Group in the transaction. Simon Rahimzada and Nabil A. Issa of King & Spalding LLP acted as legal advisor to Gulf Refined Packaging.
Greif, Inc. is engaged in industrial packaging products and services. The Company principally manufactures rigid industrial packaging products, such as steel, fiber and plastic drums, rigid intermediate bulk containers, jerrycans and other small plastics, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, filling, logistics, warehousing and other packaging services. The Company produces and sells containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America in industries, such as packaging, automotive, food and building products. The Company also produces and sells coated recycled paperboard and uncoated recycled paperboard, some of which are used to produce and sell industrial products (tubes and cores, construction products and protective packaging).
Gulf Refined Packaging entered into a definitive agreement to acquire remaining 50% stake in Flexible Packaging Joint Venture of Greif, Inc. for approximately $120 million.
GREIF, INC. 
