Appleton Papers, Inc. and Hicks Acquisition Company II, Inc. today announced a definitive agreement under which Appleton will engage in a business combination with Hicks Acquisition Company II valued at $675 million. The combined company, which will be renamed Appvion, will be listed on the Nasdaq exchange.
According to Appleton Papers, the transaction will position the company for long-term growth and profitability with an improved balance sheet and greater access to capital.
Appleton Papers, a manufacturer of specialty coated paper products, employs approximately 1,800 people and has employee-owned since 2001. Hicks Acquisition Co. is a special-purpose acquisition company with approximately $149.3 million of cash in trust.
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