Pactiv Corp., Lake Forest, Ill., manufacturer of foodservice packaging, has entered a merger agreement to be acquired by Reynolds Group Holdings Limited, Chicago, a global manufacturer and supplier of consumer food and beverage packaging. The transaction is valued at about $6 billion and is expected to be completed by the end of the year. Under the terms of the agreement, Pactiv shareholders will receive $33.25 in cash for each share of Pactiv common stock.

“Pactiv has been a leading performer in its industries since it became publicly held in 1999. We are proud of what we have accomplished, and we are excited to join with Reynolds’ consumer and foodservice business to grow and add more capabilities for our customers,” said Richard Wambold, Pactiv’s chairman and chief executive officer.