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MarketScreener Homepage  >  Equities  >  Nyse  >  Ardagh Group S.A.    ARD   LU1565283667

ARDAGH GROUP S.A.

(ARD)
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Ardagh S A : Metal Packaging to Go Public Through $8.5 Billion PE-Backed SPAC Deal

02/23/2021 | 07:06am EST

By Dave Sebastian

The metal-packaging business of Ardagh Group SA, a supplier of recyclable metal beverage and glass packaging, is going public through a combination with a private-equity-backed special-purpose acquisition company, the companies said, a deal that gives the combined entity a roughly $8.5 billion enterprise value.

The combination is with Gores Holdings V Inc., which is sponsored by an affiliate of Gores Group. The deal will bring public a can producer with presence in the Americas and Europe that targets environmentally conscious consumers.

Ardagh will keep a roughly 80% stake in Ardagh Metal Packaging SA and get up to $3.4 billion in cash in the transactions, the companies said Tuesday. Investors in a private placement will hold about 10%, while Gores Holdings V's shareholders and sponsor will hold the rest, the companies added.

Ardagh Metal Beverage Chief Executive Oliver Graham will continue leading the business as CEO, the companies said. Ardagh Chairman and CEO Paul Coulson will become the combined entity's chairman, and Ardagh Chief Operating Officer Shaun Murphy will become vice chairman, the companies added.

Also known as blank-check companies, SPACs raise money in an IPO and then look for a business to combine with in a deal that gives the target an alternative route to the public markets.

Additional investors have committed to buy 60 million shares of Ardagh Metal Packaging for $600 million in a private placement, the companies said. The deal also includes up to $525 million in cash from Gores Holdings V's trust account, the companies added.

The business will raise new debt of about $2.65 billion as a first step in the transaction, the companies said.

The companies said they expect Luxembourg-based Ardagh to double its adjusted earnings before interest, taxes, depreciation and amortization to more than $1.1 billion in 2024 from $545 million in 2020.

"Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences," Mr. Coulson said.

The companies expect the deal to close in the second quarter. Ardagh will keep all ownership of its glass-packaging business as well as its 42% stake in Trivium Packaging BV, the companies said. Ardagh will use cash proceeds from the transactions to reduce its net debt, they added.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

02-23-21 0705ET

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02/25ARDAGH S A : Launch of $2.65bn Green Bond Offering
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02/23ARDAGH S A : Proposed Merger of Beverage Can Business
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02/19ARDAGH S A : Barclays Adjusts Ardagh Group's Price Target to $23 From $18, Keep..
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02/17ARDAGH S A : Deutsche Bank Adjusts Ardagh Group PT to $24 From $21, Maintains B..
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More news
Financials (USD)
Sales 2021 7 154 M - -
Net income 2021 279 M - -
Net Debt 2021 5 802 M - -
P/E ratio 2021 21,5x
Yield 2021 2,36%
Capitalization 6 006 M 6 006 M -
EV / Sales 2021 1,65x
EV / Sales 2022 1,65x
Nbr of Employees 16 443
Free-Float 7,82%
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Technical analysis trends ARDAGH GROUP S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Average target price 27,40 $
Last Close Price 25,41 $
Spread / Highest target 29,9%
Spread / Average Target 7,83%
Spread / Lowest Target -9,48%
EPS Revisions
Managers and Directors
NameTitle
Paul R. Coulson Chairman & Chief Executive Officer
David Matthews Chief Financial Officer & Director
Shaun Murphy Chief Operating Officer & Executive Director
Hermanus Roelof Willem Troskie Independent Non-Executive Director
Brendan Dowling Independent Director
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