Shearman And Sterling

News July 15, 2019

Ardagh to Combine Its Food & Specialty Unit With Exal

Shearman & Sterling advised Ardagh Group in connection with its agreement to combine its Food & Specialty Metal Packaging business with Exal Corporation, a producer of aluminum containers, to create a global packaging company with pro forma revenues and adjusted EBITDA in the 12 months ended March 31, 2019 of $2.7 billion and $469 million, respectively.

The new company will be known as Trivium Packaging. Upon closing the transaction, Ardagh will receive a 43 percent interest in Trivium and $2.5 billion in cash, while a subsidiary of the Ontario Teachers’ Pension Plan Board, Exal’s parent company, will receive a 57 percent interest in Trivium, subject to customary post-closing adjustments.

The Shearman & Sterling team below was assisted by Joon Lee (New York-Mergers & Acquisitions), Natalia Pichon (New York-Mergers & Acquisitions), and Vuokko Rajamaki (London-Capital Markets).