The Carlyle Group Inc. (NasdaqGS:CG) is understood to be working with Rothschild & Co SCA (ENXTPA:ROTH) on a sale of Saverglass, a $1 billion-plus European company that is poised to be offloaded to Orora Limited (ASX:ORA). Orora has tapped Citi and Macquarie Capital for an equity raise to fund the transaction, which was still believed to be subject to negotiation early on 28 August 2023. The packaging company remains in a trading halt, with Orora telling the market it was in talks regarding a material acquisition.

An announcement is not expected until at least Tuesday. Saverglass has been on the market since 2021, when Rothschild was mandated to find a buyer. Private equity firm Lone Star was poised to snap up the business for a price believed to be valuing the business at about AUD 1.7 billion ($2.87 billion), sources say, but the deal did not eventuate.

The sale process was shelved, and the company started testing interest again this year, according to reports. At that time, reports suggested it was generating AUD 130 million of annual earnings before interest, tax, depreciation and amortisation, projected to grow to up to AUD 190 million. Carlyle purchased a major controlling stake in France-based Saverglass from Astorg in 2016 for a price reports suggested was AUD 560 million.