Ardagh Group agrees deal with Ball Corporation
The Ardagh Group has agreed a €3.05bn deal with Ball Corporation and Rexam to purchase a metal beverage can manufacturing assets from the two firms.
The companies will sell some metal beverage can assets, support locations and functions in Europe, Brazil and the United States to Ardagh Group, Ball said on Monday.
If the deal is finalised, Ardagh will become the number three beverage can manufacturer globally.
Ardagh, which is expected to close by the end of June, said it hopes to finance the acquisition with a combination of cash and secured and unsecured debt.
Commenting on the acquisition, Ardagh Chairman Paul Coulson said: “We are pleased to expand our consumer packaging business with the addition of a leading beverage can business.
“Whilst we do not currently operate in the beverage can market, the business we are acquiring is highly complementary to our existing metal and glass businesses.
“The acquired business has an excellent management team and strong customer relationships.”
The deal is subject to regulatory approval and the closing of Ball’s acquisition of Rexam, which is expected to be concluded by the end of June.
