Ardagh Group S.A. agreed to acquire Consol Holdings Limited for ZAR 10.1 billion on November 26, 2021. Ardagh expects to finance the acquisition through a combination of its own cash resources and the assumption of ZAR 5.7 billion existing net debt at Consol. On completion of the acquisition, Mike Arnold stepped down as chief executive officer of the business. Mike will become a director of Ardagh Glass Packaging Holdings Africa (Pty) Limited and will be part of the Ardagh executive team responsible for growing Ardagh's presence in Africa. Paul Curnow, previously chief executive officer Designate, has succeeded Mike Arnold as chief executive officer and will also become a director of Ardagh Glass Packaging Holdings Africa (Pty) Limited. Bruce MacRobert, former Chairman of Consol, has become Chairman of Ardagh Glass Packaging Holdings Africa (Pty) Limited. In the year to June 30, 2021, Consol reported consolidated revenues of ZAR 9 billion. Completion of the acquisition is subject to certain conditions, including regulatory approvals that are expected to be obtained in the second quarter of 2022. Citigroup acted as exclusive financial adviser to Ardagh, and Barclays acted as exclusive financial adviser to Consol.

Ardagh Group S.A. completed the acquisition of Consol Holdings Limited on April 29, 2022.