AUCKLAND, New Zealand (AP) -- Food and beverage packaging company Reynolds Group Holdings Ltd., known as RGHL, said Wednesday that it has acquired a related company for $300 million.
RGHL bought the Reynolds Food and Flexible Packaging group from Reynolds Packaging Ltd., a New Zealand company. Reynolds Packaging Ltd. and RGHL are both owned by Graeme Hart, New Zealand's wealthiest man.
The deal was financed from the cash reserves of RGHL's companies.
Reynolds Group announced last month that it will buy Hefty bag maker Pactiv for $4.4 billion. Including debt, the acquisition is valued at around $6 billion. It's the latest and biggest in a string of deals that has built Reynolds parent company Rank Group Ltd. into a worldwide packaging empire under owner Hart.