Shearman & Sterling is advising Ardagh Group S.A. in connection with the combination of its metal packaging business with Gores Holdings V, Inc., a special purpose acquisition company affiliated with The Gores Group. The business combination agreement announced on February 23, 2021 provides for Ardagh’s metal packaging business to be held by Ardagh Metal Packaging S.A., a newly created Luxembourg company that intends to apply to list its shares on the New York Stock Exchange. Ardagh Group S.A. will retain an 80% interest in the metal packaging business, which is expected to have a post-transaction enterprise value of approximately $8.5 billion. Ardagh Group also expects to receive $3.4 billion in cash from the proposed transactions.
Ardagh is a global supplier of infinitely-recyclable metal and glass packaging for the world’s leading brands, and Ardagh Metal Packaging will hold Ardagh’s metal packaging business, which is a leading supplier of beverage cans globally, with a particular focus on the Americas and Europe and a clear leader in sustainability.
The Shearman & Sterling team below also included associates Eitan Morris and Harekrishna Ashar.