Ardagh Holdings has announced preparations for the potential sale of its Metal Packaging business in a deal that could be worth roughly €2.74 billion.
Two scenarios are currently on the table: either Ardagh Holdings (the majority shareholder) sells its controlling stake in Ardagh Metal Packaging to a third party, or it acquires all the shares in the company it doesn’t currently own and subsequently sells the lot.
Ardagh Metal Packaging produces metal beverage cans across nine countries and 23 production facilities – employing around 6500 people. Total sales in 2025 were roughly €4.75 billion.
For context, Ardagh Group (the owner of Ardagh Metal, which is in turn owned by Ardagh Holdings) generated total sales of around €8.29 billion in 2025. Therefore, the sale of its metal packaging arm represents a sizeable chunk of Ardagh Group’s total yearly earnings.
Late last year, Ardagh Holdings announced the completion of a “recapitalization transaction” – essentially a scheme through which the company’s lenders became its owners in a bid to alleviate a sizeable debt burden.
At the time Herman Troskie, director and outgoing Chair of Ardagh Group, said: “We are very pleased to have concluded this transformational recapitalization transaction and ABL extension with our key financial stakeholders. I look forward to working with Mark, and our new shareholders, to deliver our business plan. The completion of the Transaction allows the Group and all its key stakeholders to fully focus on the business plan and the future growth of the Ardagh Group”.
Ardagh Holdings has appointed Evercore as financial advisor on the deal, and Kirkland & Ellis as lead legal adviser.
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