01.23.17
Berry Plastics Group, Inc. completed the previously announced acquisition of AEP Industries Inc.
Berry issued 6.5 million common shares and paid $297 million as merger consideration in exchange for all of the outstanding shares of AEP common stock and outstanding AEP equity awards. Additionally, Berry paid $164 million to retire outstanding AEP debt. Berry financed the cash consideration of the acquisition with a new $500 million seven-year term loan. Including the new shares issued, Berry’s outstanding common stock has increased to approximately 129 million shares, resulting in a market capitalization of approximately $6.5 billion.
“We are extremely excited to complete the acquisition of AEP and to welcome the AEP team to the Berry Plastics organization,” said Jon Rich, chairman and CEO of Berry Plastics. “The acquisition of AEP has given us the opportunity to expand the breadth of product offerings and production capacity within our Engineered Materials Division, enabling us to better serve our customers.”
Berry issued 6.5 million common shares and paid $297 million as merger consideration in exchange for all of the outstanding shares of AEP common stock and outstanding AEP equity awards. Additionally, Berry paid $164 million to retire outstanding AEP debt. Berry financed the cash consideration of the acquisition with a new $500 million seven-year term loan. Including the new shares issued, Berry’s outstanding common stock has increased to approximately 129 million shares, resulting in a market capitalization of approximately $6.5 billion.
“We are extremely excited to complete the acquisition of AEP and to welcome the AEP team to the Berry Plastics organization,” said Jon Rich, chairman and CEO of Berry Plastics. “The acquisition of AEP has given us the opportunity to expand the breadth of product offerings and production capacity within our Engineered Materials Division, enabling us to better serve our customers.”