Pixelle’s Acquisition of Specialty Paper Mills from Verso Corporation

On November 12, 2019, Pixelle Specialty Solutions (“Pixelle”) announced that it has signed a definitive purchase agreement to acquire specialty paper mills in Jay (“Androscoggin”), ME and Stevens Point, WI from Verso Corporation for $400 million. Upon closing, Pixelle will be the largest specialty paper business in the U.S. in terms of annual production. Cravath is representing Pixelle in connection with the transaction.

The Cravath team is led by partner Thomas E. Dunn and includes associates Joshua Ayal, Adam M. Sanchez and Mose Hogan III on M&A matters; partner Tatiana Lapushchik, senior attorney Kimberly A. Grousset and associate Alexander E. Greenberg on financing matters; partner J. Leonard Teti II and associates Richard Bohm and Joyce Y. Kim on tax matters; associate Daniel P. Herrmann on executive compensation and benefits matters; senior attorney Joyce Law and practice area attorneys Brian M. Budnick and Laurel R. Berkowitz on real estate matters; senior attorney Jesse M. Weiss on antitrust matters; senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorney Anthony M. Magistrale on intellectual property matters. Monica He also worked on M&A matters; Jarrod L. Hall also worked on financing matters; and Brendon J. Rivard also worked on executive compensation and benefits matters.