Private equity firm Clayton Dubilier & Rice (CD&R) has reached an agreement to acquire packaging company Sealed Air (SEE.US), the inventor of Bubble Wrap, in a deal valued at $6.2 billion.

According to an announcement on Monday, CD&R will purchase the Charlotte, North Carolina-based company for $42.15 per share, slightly below Friday's closing price of $43.28—after reports emerged that CD&R was considering the acquisition. The transaction implies an enterprise value of $10.3 billion.

As of the latest update, Sealed Air's shares fell 3.2% in pre-market trading to $41.90.

Sealed Air traces its origins to 1957, when engineers Alfred Fielding and Marc Chavannes invented a new type of wall covering by laminating two plastic sheets with air bubbles in between. Although the design failed to gain traction as a decorative material, the lightweight, insulating product later evolved into the globally popular packaging material—Bubble Wrap.

Sealed Air's product portfolio also includes Cryovac shrink bags, Instapak foam packaging, medical films, filling equipment, and food packaging machinery.