Packaging manufacturer Ball Corporation has announced the completion of its acquisition of Rexam for approximately $6.1 billion of cash and equity, plus the assumption of approximately $2.4 billion of net debt.
The deal makes Ball the largest manufacturer of beverage cans in the world.
The company also completed the required sale of the divestment business to Ardagh Group, receiving cash proceeds of approximately $3.1 billion at closing.
Ball's combined global metal beverage business now operates 75 container-manufacturing facilities and joint ventures, as well as various support locations, in North and Central America, Europe and Russia, South America, Asia and the Middle East.
The existing metal food, aerosol and aerospace operations further complement the company's business portfolio. Ball now employs 18,700 people across five continents with pro-forma net 2015 sales of approximately $11 billion.
The company's global headquarters will remain in Broomfield, Colorado, while the closure of Rexam's headquarters in London is expected as soon as the relevant functions required to support the combined group have been transferred. It is currently expected that this will be achieved by the end of 2016.
"We're delighted to move forward together as a leader in the packaging industry, supplying approximately 100 billion innovative, high-quality metal beverage containers from the world's most efficient manufacturing footprint," said John A. Hayes, chairman, president and chief executive officer of Ball.
Ball will announce its second-quarter earnings on 4 August 2016.
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