Berry Plastics Group acquires Avintiv for approximately US$2.45 billion in cash on a debt-free, cash-free basis.
Avintiv develops, produces, and markets specialty materials used in infection prevention, personal care, and high-performance solutions.
It has 23 locations in 14 countries, 4,500 employees and process technologies in the industry.
For the 12-month period ended March 2015, the company generated pro forma revenues and adjusted EBITDA of US$2.1 billion and US$303 million, respectively.
Additionally, Berry Plastics expects to realize approximately US$50 million in annual cost synergies.
The proposed transaction, which is subject to customary closing conditions, is expected to close by the end of calendar year 2015.