Glatfelter merges with Berry's HHNF in $3.6B Reverse Morris Trust; GLT holders get 10%

Magnera Corp

Transaction valued at $3.6B enterprise value; pro forma revenue ~$3.6B, Adj. EBITDA ~$455M.
Glatfelter shareholders own 10% of combined company; Berry shareholders via Spinco own 90%.
Berry receives ~$1B cash distribution at closing; cost synergies target >=$50M by year three.
Pro forma net leverage 4x; Spinco enters $1.585B term loan and $250M ABL facility.
Curt Begle, President of Berry HHNF, to become CEO of combined company.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Magnera Corp entered into RMT Transaction Agreement with Berry Global Group, Inc. and Treasure Holdco, Inc. (effective 2024-02-06).

Action: entry
Agreement: merger
Counterparty: Berry Global Group, Inc. and Treasure Holdco, Inc.
Effective: 2024-02-06

Exact text from the filing

a Reverse Morris Trust (“ RMT ”) Transaction Agreement, dated as of February 6, 2024 (the “ RMT Transaction Agreement ”), by and among the Company, Merger Subs, Berry and Spinco

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Magnera Corp entered into Separation and Distribution Agreement with Berry Global Group, Inc. and Treasure Holdco, Inc. (effective 2024-02-06).

Action: entry
Agreement: supply
Counterparty: Berry Global Group, Inc. and Treasure Holdco, Inc.
Effective: 2024-02-06

Exact text from the filing

a Separation and Distribution Agreement, dated as of February 6, 2024 (the “ Separation Agreement ”), by and among the Company, Berry and Spinco

View on SEC.gov

Browse all material agreements →

Magnera Corp filing history →

Source: SEC EDGAR

accession 0001104659-24-011685

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.