On December 8, 2025, ProAmpac signed a definitive agreement to acquire TC Transcontinental Packaging (TCP) from TC Transcontinental for US$1.51 billion (approximately C$2.10 billion), subject to customary adjustments. TCP recorded approximately US$1.2 billion in revenue for the 12 months ended July 27, 2025. The transaction is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals and other customary conditions. TC Transcontinental disclosed an aggregate cash purchase price of approximately C$2.10 billion, implying an enterprise value of approximately C$2.22 billion inclusive of assumed indebtedness and lease obligations. ProAmpac said the deal will broaden its end-market exposure to protein, dairy, and medical segments and expand manufacturing capacity across North America, Latin America, the United Kingdom, and New Zealand, while advancing next-generation flexible packaging such as barrier films, mono-material structures, and fiber-based solutions.

Advisors for ProAmpac were Goldman Sachs (lead) and J.P. Morgan Securities LLC served as financial advisors, with Kirkland & Ellis LLP and McCarthy Tétrault LLP as legal counsel. For TC Transcontinental, CIBC Capital Markets and RBC Capital Markets served as financial advisors, with Stikeman Elliott LLP and Morgan Lewis & Bockius LLP as legal counsel.

TC Transcontinental said it expects, upon closing, to distribute approximately C$20.00 per share to holders of Class A and Class B shares and will seek shareholder approval at a special meeting.