Ardagh Group S.A. agreed to sell its stake in Trivium Packaging B.V. as Silgan Holdings Inc. and funds affiliated with American Industrial Partners plan a takeover at about $3.4 billion in enterprise value.
Ardagh is selling its entire holding of roughly 42%, while Trivium’s majority owner, Ontario Teachers’ Pension Plan, has agreed to sell its full stake. Ardagh expects about $90 million in net cash proceeds and said it may use the money for reinvestment or debt reduction. It described the holding as outside its core business.
Silgan’s $3.4 billion figure values Trivium as a business; it is separate from the proceeds Ardagh expects for its stake. Silgan said a new partnership, Silgan Metal Containers and Closures, would acquire Trivium. Silgan would own 60% of the partnership, while funds affiliated with American Industrial Partners would own 40% and contribute about $1 billion in cash equity.
The partnership would combine Trivium with Silgan’s metal containers and food and beverage flat cap closures operations. Silgan estimates the combined metal-packaging business would have had about $7.3 billion in pro forma net sales for the 12 months ended June 30, 2026. It also said the deal would give it greater flexibility to invest in its dispensing business.
Silgan forecasts $225 million in synergies by the end of the third year. It expects the transaction to increase adjusted earnings per share by at least 15%; that earnings projection includes the full expected synergies.
Ardagh said Trivium recorded $3 billion in revenue in 2025. Its cans and aerosol containers serve markets including food, pet food, nutrition, beauty and personal care. Ontario Teachers’ said Trivium has 57 locations in 18 countries, about 7,200 employees and more than 800 customers.
Ontario Teachers’ traced its investment to Exal in 2010, when that business had six facilities. It said a later merger brought aluminum and steel packaging operations together.
In a separate matter, a Luxembourg judge on Oct. 14 removed an order that had stopped Ardagh Holdings S.A. from selling some or all of its holding in Ardagh Metal Packaging S.A.. Ardagh said the decision allowed preparations for a possible sale to resume.
The Trivium acquisition remains subject to regulatory approvals, works council consultations and other closing conditions. The companies expect it to close in mid-2027.
