Loews Corp. To Buy Consolidated Container From Bain Capital For About $1.2 Bln

(RTTNews) - Loews Corp. (L) said Tuesday that it has entered into an agreement to acquire Consolidated Container Company or CCC, rigid plastic packaging manufacturer based in Atlanta, GA, from Bain Capital Private Equity for approximately $1.2 billion, subject to customary purchase price adjustments. CCC will be a part of a newly-created segment called Loews Packaging Group.

The acquisition agreement is subject to customary closing conditions.

The transaction is expected to close in the second quarter of 2017, and will be funded with approximately 50 percent cash-on-hand and 50 percent debt at CCC.