We advised Loews on the sale of a 47% interest in Altium Packaging

Davis Polk is advising Loews Corporation in connection with the sale of a 47% interest in Altium Packaging to GIC, Singapore’s sovereign wealth fund, valuing the company at $2 billion. The closing of the transaction, which is expected to close in the next 30 days, is subject to customary closing conditions. 

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. Altium Packaging is a customer-centric packaging solutions provider and manufacturer in North America. GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves.

The Davis Polk corporate team incudes partner Brian Wolfe and associates Lisa Ogust, Dmitriy Molchanov and Jerry O’Young. Partner Patrick E. Sigmon and associate Yixuan Long are providing tax advice. Counsel David Mollo-Christensen and associate Tessa Patti are providing executive compensation advice. Partner Pritesh P. Shah and associate Samantha Lefland are providing intellectual property advice. All members of the Davis Polk team are based in the New York office.