Hotel, energy, and financial services conglomerate Loews Corp. (L) - Get Report said Tuesday that it has agreed to acquire Consolidated Container Co. for $1.2 billion from Bain Capital Private Equity.

Consolidated will become a part of Loews' newly created segment called Loews Packaging group.

"We have been analyzing the packaging industry for some time because it fits our key acquisition criteria: It is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption," Loews CEO James Tisch said.

The deal is expected to close in the 2017 second quarter.

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