The new entity Ardagh Metal Packaging has secured up to $1bn gross proceeds, as a result of the business combination
Ardagh Group has completed the merger of its metal packaging business with Gores Holdings V, a special purpose acquisition company sponsored by an affiliate of The Gores Group.
The new entity, called Ardagh Metal Packaging (AMP), is valued at $8.5bn.
AMP has secured up to $1bn gross proceeds, as a result of the business combination. Ardagh Group will hold an interest of around 82% in AMP.
The new entity will begin trading on the New York Stock Exchange under the new ticker symbol “AMBP”.
Gores Holdings V chairman Alec Gores said: “AMP has established itself as the pre-eminent pure play beverage can company, and today’s milestone marks the Company’s next stage of growth.”
AMP is involved in the supply of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners.
AMP, which has a significant presence in the Americas and Europe, is said to be the second-largest beverage can producer in Europe and the third-largest in the Americas.
With around 5,000 employees, the new business entity manages 23 production facilities in nine countries. It reported sales of around $3.5bn last year.
AMP chairman Paul Coulson said: “AMP has a clear growth roadmap for the future, as we invest in support of our customers’ growth.
“As a leading, pure play beverage can producer, AMP has scale and excellent ESG attributes and Ardagh Group intends to remain a committed, long-term majority shareholder as AMP continues its growth journey.”
Deutsche Bank Securities and Morgan Stanley served as financial advisors and capital markets advisors to Gores Holdings V. Weil, Gotshal & Manges and Loyens & Loeff served as legal advisors to Gores Holdings V on the transaction.
Citigroup served as an exclusive financial advisor and Shearman & Sterling served as a legal advisor to Ardagh on the transaction.
With annual sales of about $7bn, Ardagh Group operates 57 metal and glass production facilities in 12 countries and has more than 16,000 employees.