Clayton Dubilier & Rice has agreed to purchase Veritiv Corp., a distributor of packaging, facility services and print products, for $2.3 billion.
Upon the completion of the transaction, Veritiv will become a privately held company and shares of Veritiv common stock will no longer be listed on any public markets. Each share of Veritiv common stock issued and outstanding immediately prior to the closing of the transaction will be entitled to receive $170 per share in cash, representing a nearly 31 percent premium over Veritiv’s 30-day volume-weighted average price of $129.89.
Morgan Stanley & Co. LLC served as exclusive financial advisor and Alston & Bird LLP served as legal counsel to Veritiv. CD&R obtained committed financing from Goldman Sachs, RBC Capital Markets LLC, Wells Fargo Securities, BMO Capital Markets Corp., and UBS. Guggenheim Securities LLC and Wells Fargo Securities served as lead financial advisors to CD&R, and BMO Capital Markets Corp., Goldman Sachs, RBC Capital Markets, LLC, and UBS also served as financial advisors. Kirkland & Ellis LLP and Debevoise & Plimpton LLP served as legal counsel to CD&R.