Berry Plastics to Pay $2.45B for Avintiv

Berry Plastics Group Inc., a U.S. maker of consumer packaging, agreed to buy Avintiv Inc. for about $2.45 billion in cash to add a range of specialty materials used in diapers and bandages.

Berry is acquiring Avintiv from private-equity funds managed by Blackstone Group LP, it said July 31 in a statement. Avintiv changed its name in June from PGI Specialty Materials Inc.

Chairman and Chief Executive Officer Jon Rich is expanding beyond plastic consumer packaging with an acquisition that, according to data compiled by Bloomberg, is Berry’s largest. It also is the latest in a string of deals in ...