Apollo Agrees to Buy Novolex From Carlyle for $6 Billion (1)

Apollo Global Management Inc. will buy a majority stake in Novolex Holdings from Carlyle Group Inc.

Carlyle will retain a minority stake in the packaging company, according to a statement Monday that confirmed an earlier Bloomberg News report. Financial terms were not disclosed.

The transaction values Novolex at about $6 billion, a person familiar with the matter said, asking not to be identified because the matter isn’t public.

Novolex develops and manufactures plastic and paper products, including bags, cups and to-go containers, used by the food service industry. Apollo plans to help the company strike more relationships with blue-chip ...