Ardagh Considers Listing Cans Unit Via Alec Gores SPAC
(Bloomberg) -- Ardagh Group SA, the global packaging group, is considering listing its beverage can business via a deal with blank-check company Gores Holdings V Inc., people familiar with the matter said.
U.S.-listed Ardagh has held talks to merge the unit with the special purpose acquisition company backed by billionaire financier Alec Gores, the people said, asking not to be identified because the information is private.
No deal has been reached and the discussions could fall apart, the people said. Ardagh may also consider other methods of spinning off the business or decide to keep it, according to the people. Representatives for Ardagh and Gores Holdings V declined to comment.
Ardagh manufactures packaging for the food, drinks, pharmaceutical and personal care markets. Its cans are used by beverage brands including Beavertown, Heineken and Perrier, according to its website.
The company’s metal beverage packaging business in Europe generated $421 million of revenue in the third quarter of 2020. It reported $478 million of sales in the Americas during the three months through September.
Gores Holdings V raised $525 million in August for an acquisition. The SPAC’s paperwork doesn’t specify a particular sector in which it will pursue a transaction.
Packaging companies have struck $12.8 billion of deals globally during the past 12 months, according to data compiled by Bloomberg. Crown Holdings Inc. is running an auction for its food cans business, which is expected to fetch more than $2 billion, Bloomberg News has reported.
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