GIC Pte. Ltd. entered into a definitive agreement to acquire 47% stake in Altium Packaging, LLC from Loews Corporation (NYSE:L) for an enterprise value of $2 billion on March 12, 2021. Under the transaction, Loews Corporation will receive approximately $410 million in cash, subject to post-closing adjustments, resulting in an approximate pretax gain of $490 million. The closing of the transaction is subject to customary closing conditions. The transaction is expected to close in the next 30 days. Brian Wolfe, Patrick E. Sigmon, David Mollo-Christensen and Pritesh P. Shah of Davis Polk & Wardwell LLP acted as legal advisor for Loews Corporation. GIC Pte. Ltd. completed the acquisition of 47% stake in Altium Packaging, LLC from Loews Corporation (NYSE:L) on April 1, 2021. Loews Corporation received approximately $420 million in cash, subject to transaction expenses and post-closing adjustments. Per the terms of this transaction, Loews has concluded that it will no longer control Altium under US GAAP and is required to deconsolidate Altium as of the date of the sale.