Simpson Thacher is representing Graham Packaging Holdings Company and The Blackstone Group in connection with a transaction in which Graham Packaging will go public through a transaction with Hicks Acquisition Company I, Inc., a special purpose acquisition company (SPAC).
The transaction is valued at approximately $3.2 billion, and, upon closing of the transaction, Hicks Acquisition’s stockholders will own approximately 66% of Graham Packaging and Blackstone and the other current equity holders will own approximately 34%. Blackstone and the current equity holders will also receive $350 million in cash as well as warrants to purchase additional shares. The transaction is subject to Hicks Acquisition stockholder approval and is expected to close in the fourth quarter.
Graham Packaging is a worldwide leader in the design, manufacture, and sale of technology-based, customized blow-molded plastic containers for the branded food and beverage, household, personal care/specialty, and automotive lubricants product categories. The company has an extensive blue-chip customer base that includes many of the world's largest branded consumer products companies. It produces more than 20 billion container units annually at 83 plants in North America, Europe, and South America, and had sales of $2.49 billion in 2007.
The Simpson Thacher team includes M&A partners Wilson Neely and Ed Chung and associates Jacob Kleinman, Jean Chen and Kelly Jin; Credit partners David Eisenberg and Marissa Wesely and counsel Stefanie Birkmann; Tax partner Gary Mandel and associate Jason Vollbracht; Executive Compensation partner Greg Grogan and associate Beth Understahl; Capital Markets partner Richard Fenyes and associate Carlos Amy; Intellectual Property partners Kerry Konrad and Lori Lesser and associate Jennifer Rackoff; Litigation partner Joe McLaughlin; Environmental senior counsel Adeeb Fadil; Labor senior counsel Julie Levy and associate Andrew Janis; Antitrust senior counsel Michael Naughton and associate Kenneth Ehrhardt; and summer associate Viktor Sapezhnikov. Invaluable assistance was also provided by paralegal Laura Maio.