Davis Polk advised Pactiv Evergreen Inc. (formerly known as Reynolds Group Holdings Limited) on its $574 million initial public offering of 41,026,000 shares of common stock. The shares of common stock are listed on the Nasdaq Global Select Market under the symbol “PTVE.”

Pactiv Evergreen Inc. is the largest manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons in North America and certain international markets. It supplies its products to a broad and diversified mix of companies, including full service restaurants and quick service restaurants, foodservice distributors, supermarkets, grocery and healthy eating retailers, other food stores, food and beverage producers, food packers and food processors. Pactiv Evergreen Inc. is headquartered in Lake Forest, Illinois.

Immediately prior to the initial public offering, Graham Packaging Company Inc., a leader in the design, manufacture and sale of custom, value-added and high performance containers for food, beverage, household and automotive products in North America, was spun out of Pactiv Evergreen Inc. to the group’s ultimate shareholder.

The Davis Polk capital markets team included partners Byron B. Rooney and associates Jacqueline Marino, Michael F. Power and Joshua B. Pittell. The tax team included partners David H. Schnabel and Patrick E. Sigmon and associates Elina Khodorkovsky and Joseph M. Gerstel. The finance team included partner Meyer C. Dworkin and associates Christopher Nairn-Kim, Emily Durling and Andrew T. Wilson. The executive compensation team included partner Kyoko Takahashi Lin and associates Kathleen Ginder and Nadia Raynes. All members of the Davis Polk team are based in the New York office.