PCA to acquire Greif containerboard business for $1.8B cash; expected to close by Q3

PACKAGING CORP OF AMERICA

Deal value $1.8B cash (8.5x LTM EBITDA of $212M; 6.6x including $60M synergies).
Assets: two mills with ~800K tons capacity, eight plants, $1.2B LTM sales.
Synergies estimated at $60M pre-tax, fully realized within 2 years; half in first year.
Financing: $1.5B new debt plus cash; pro forma net debt/EBITDA ~1.7x; immediately accretive.
PCA is third-largest containerboard producer; deal furthers profitable growth strategy.

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