Hicks Acquisition Company I, a SPAC organized by Thomas Hicks of Hicks Holdings LLC, announced that it had reached an agreement in principle to acquire Graham Packaging Holdings in a press release on Monday. Graham Packaging produces blow-molded rigid plastic containers at more than 80 manufacturing plants across the US and Europe and booked roughly $2.5 billion in net sales in 2007. Private equity firm Blackstone will maintain the largest ownership stake in Graham Packaging for at least two years following the transaction, which is believed to be the largest SPAC acquisition on record. The transaction is expected to close in the third quarter of 2008.
