Shalakany announced on the 10th September that Sealed Air Corporation has completed the previously announced sale of its Diversey Care division along with the food hygiene and cleaning business within its Food Care division to Boston-based private equity firm, Bain Capital Private Equity, for $3.2 billion.
This divestiture marks a significant milestone in Sealed Air’s transformation and will aid it to focus on profitable growth strategy, including continued investment in core business. The proceeds will be used to pay down debt, buy back shares and fund growth initiatives.
Shalakany assisted Sealed Air Corporation as the sole sell side legal advisor for all Egyptian assets on this transaction, which is one of the largest global acquisitions in this sector in 2017.
Aly El Shalakany, the lead partner from Shalakany acting on the transaction, said: “We are very pleased to have successfully assisted Sealed Air, a long standing client of the firm, with this strategic disposal, which marks a key step in its funding of fund core growth initiatives”.
Omar Sherif, the lead senior lawyer from Shalakany on the transaction, said: “We were able to successfully leverage our significant cross-border experience and expertise to assist Sealed with all the Egyptian regulatory aspects of this complex offshore transaction, which was a key to achieving the successful closing of this deal”.