W/S Packaging Holdings Inc., along with its private-equity sponsor Platinum Equity, announced it has entered into a definitive agreement to acquire Multi-Color Corp. for $2.5 billion in an all-cash transaction. W/S has not yet announced its financing plans to fund the acquisition or the amount of debt it will assume as a result of the acquisition. We placed our ratings on W/S, including the 'B' issuer credit rating, on CreditWatch with negative implications. The CreditWatch placement follows the announcement that W/S and its sponsor, Platinum Equity, plan to acquire Multi-Color Corp. for $2.5 billion. We expect the addition of Multi-Color to be beneficial in significantly expanding W/S's scale and reach into the broader label solutions industry with the addition of
