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BCLP Advises Berry Global on $3.6 Billion Reverse Morris Trust Spinoff
Feb 14, 2024BCLP advised Berry Global Group, Inc. (NYSE: BERY) in the proposed $3.6 Billion public spinoff of the majority of its Health, Hygiene and Specialties segment including its Global nonwovens and films business, and the subsequent merger of the spun-off business with Glatfelter Corporation (NYSE: GLT), to create a leading, publicly-traded company in the specialty materials industry.
The transaction is structured as a Reverse Morris Trust, intended to be tax-free to Berry, Glatfelter and their respective shareholders for U.S. federal income tax purposes.
Lou Spelios (Partner, Atlanta) led the global multi-practice BCLP team that represented Berry Global in this transaction. More information on the deal can be found here.
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