Hicks Acquisition Co. Wednesday said it will take Graham Packaging Holdings Co. public in a deal valued at $3.2 billion.

Hicks, a special purpose acquisition company, Monday said it would take the company public in a partnership with the Blackstone Group (nyse: BX - news - people ) and the Graham Group.

Graham Packaging, based in York, Pa., is a maker of custom plastic containers.

Under the terms of the deal, current stockholders of Graham Packaging will receive $350 million of cash held in trust, 35 million common shares, and 2.8 million warrants upon completion of the transaction.

The combined enterprise will be renamed Graham Packaging Co. and will apply for listing on the New York Stock Exchange.

Blackstone agreed to maintain the largest ownership stake for at least two years, Hicks Acquisition said.