Apollo nears $3.8 billion-plus deal for packaging group RPC: WSJ

 Apollo nears .8 billion-plus deal for packaging group RPC: WSJ

(Reuters) - Private equity company Apollo Global Management is in advanced talks to buy Europe's biggest plastics packaging maker RPC Group for more than $3.8 billion, the Wall Street Journal reported https://on.wsj.com/2RHnm0W on Monday.

RPC on Friday extended the deadline to Jan, 23 for Apollo to make a firm offer or walk away.

Citing people familiar with the matter, the Journal said that a deal could be announced as soon as Tuesday.

Private equity has long been attracted to the sector's reliable cash flow and growing demand from online shopping, with a spate of takeovers by bigger packaging players further spurring their interest.

RPC, which operates in 34 countries, on Monday had a market capitalisation of 2.95 billion pounds ($3.8 billion).

The company said in September that it was in talks on a possible sale to Apollo and U.S. private equity firm Bain Capital, with the deadlines to make a firm offer extended repeatedly since then.

The FTSE mid-cap company ended talks with Bain in December.

RPC declined to comment when contacted by Reuters and Apollo could not be reached for comment outside normal business hours.

($1 = 0.7760 pounds)

(Reporting by Kanishka Singh and Samantha Machado in Bengaluru; Editing by Nick Zieminski and David Goodman)

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Updated Date: Jan 22, 2019 02:05:11 IST