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Loews to Buy Consolidated Container for $1.2 Billion From Bain Capital

April 11, 2017, 1:03 PM UTC
BERLIN, GERMANY - AUGUST 07: Two men in suits shaking hands on August 07, 2014 in Berlin, Germany. (Photo by Thomas Trutschel/Photothek via Getty Images)
Photograph by Thomas Trutschel — Photothek via Getty Images

Loews Corp, a hotel, energy and financial services conglomerate, said on Tuesday it would buy plastic packaging manufacturer Consolidated Container Co from Bain Capital Private Equity for about $1.2 billion.

The deal is expected to be funded with about 50 percent cash on hand and 50 percent debt, Loews said in a statement.

Consolidated Container provides packaging solutions for beverage, food, and household chemicals. It will be a part of a newly-created segment called Loews Packaging Group.