Billionaire Paul Coulson is shifting more of his focus to aluminium cans with the creation of a New York listed Ardagh Metal Packaging (AMP).
AMP, which will be listed in the United States and valued at around $8.5bn (€7bn), according to Ardagh. It is being created from a combination of some Ardagh assets with investment from partner Gores Group.
Aluminium cans are in high demand and are easier and cheaper to recycle than glass packaging helping make the new listed entity “a pretty attractive business” to investors with environmental, social and governance (ESG) targets, Mr Coulson told the
Irish Independent.
Updated / Tuesday, 23 Feb 2021
11:57
Paul Coulson is the chairman and CEO of Ardagh Group
Ardagh Group said today it will spin off its metal packaging business through a merger with a listed blank-check firm backed by billionaire Alec Gores, in a deal that values the new company at $8.5 billion.
The deal with Gores Holdings V will provide a total infusion of $3.4 billion to the spun-off company.
This will be financed by a combination of $2.3 billion of new debt, $600m from new investors and the capital raised in Gores Holding V s initial public offering of shares last year.
Luxembourg-based global packaging group Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people, according to its website.
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Combined Company Expected to Have Post-Transaction Enterprise Value of Approximately $8.5 Billion
Business Combination Includes up to $525 Million in Cash from Gores Holdings V and $600 Million Private Placement Led by Top-Tier Investors
Ardagh Group to Retain Approximately 80% Stake in Ardagh Metal Packaging and Receive up to $3.4 Billion in Cash
Ardagh Group S.A. ( Ardagh ) (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the world s leading brands, and Gores Holdings V, Inc. ( Gores Holdings V ) (NASDAQ: GRSV, GRSVU and GRSVW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, today announced that they have entered into a definitive business combination agreement under which Gores Holdings V will combine with Ardagh s metal packaging business that will be held by Ardagh Metal Packaging S.A. (the Company, Ardagh Metal Packaging or AMP ) to create an independent public company. The Company i
Ardagh Metal Packaging To Combine With Gores Holdings V And List On NYSE
Combined Company Expected to Have Post-Transaction Enterprise Value of Approximately $8.5 Billion
Business Combination Includes up to $525 Million in Cash from Gores Holdings V and $600 Million Private Placement Led by Top-Tier Investors
Ardagh Group to Retain Approximately 80% Stake in Ardagh Metal Packaging and Receive up to $3.4 Billion in Cash
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LUXEMBOURG AND LOS ANGELES, Feb. 23, 2021 /PRNewswire/ Ardagh Group S.A. ( Ardagh ) (NYSE: ARD), a global supplier of infinitely-recyclable metal beverage and glass packaging for the world s leading brands, and Gores Holdings V, Inc. ( Gores Holdings V ) (NASDAQ: GRSV, GRSVU and GRSVW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, today announced that they have entered into a definitive business combination agreement under which Gores Holdings V will combine with Ar
Ardagh mental packing to combine with Gores Holdings V creating $8 5bn company independent.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from independent.ie Daily Mail and Mail on Sunday newspapers.