Ardagh to sell 42% stake in Trivium Packaging

Ardagh Group has entered into an agreement to sell its entire approximately 42% stake in Trivium Packaging B.V. The transaction values Trivium at about $3.4 billion and forms part of a wider change in the company’s ownership structure. The move will see Ardagh dispose of what it describes as a non-core investment while participating in a coordinated sale process alongside other shareholders.

The decision follows Ontario Teachers’ Pension Plan’s move to sell its majority stake in Trivium to Silgan Holdings Inc. (SLGN) and funds affiliated with American Industrial Partners. As a minority joint venture partner, Ardagh has aligned with this broader transaction, agreeing to sell its own shareholding as part of the same deal framework.

From the sale of its Trivium interest, Ardagh expects estimated net cash proceeds of approximately $90 million. The company has indicated that these funds are expected to be used either for reinvestment in its operations or for deleveraging, reflecting a focus on strengthening its balance sheet or supporting strategic projects within its core activities.

The transaction valuation is underpinned by Trivium’s scale, with the packaging company having recorded revenues of $3 billion in 2025. This revenue base provides context for the approximately $3.4 billion enterprise value agreed in the deal, highlighting the size and significance of the asset being transferred.

Completion of the proposed sale is expected in mid-2027. The closing remains contingent on securing required regulatory approvals, the completion of applicable works council consultation processes, and satisfaction of other customary closing conditions. Until these steps are completed, the change in ownership will not be final.

The transaction involves multiple stakeholders across financial and legal disciplines. Evercore (EVR) is serving as lead financial advisor to Trivium and its shareholders, with J.P. Morgan and BMO Capital Markets also acting as financial advisors. Weil, Gotshal & Manges LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are providing legal counsel to Trivium and its shareholders.

Once completed, the deal will consolidate Trivium’s ownership under Silgan Holdings (SLGN) and funds affiliated with American Industrial Partners, alongside the divestment by both Ontario Teachers’ Pension Plan and Ardagh. Trivium’s combination with Silgan (SLGN) is described as creating a highly complementary business. For Ardagh, the exit is intended to simplify its overall business and organisational structure while releasing capital for other corporate priorities.