Metal beverage and glass packaging supplier Ardagh has signed a definitive business combination agreement with special purpose acquisition company Gores Holdings V.

As part of the agreement terms, Gores Holdings V will merge with Ardagh’s metal packaging business to form an independent public company.

The newly formed entity Ardagh Metal Packaging (AMP) could have a post-transaction enterprise value of nearly $8.5bn.

AMP will list its shares on the New York Stock Exchange (NYSE) under the new ticker symbol “AMBP”.

Ardagh chairman and CEO Paul Coulson said: “Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences.

“The business has grown significantly since our acquisition of the metal beverage packaging business in 2016 and we have a clear roadmap that we believe will lead us to more than double Adjusted EBITDA by 2024, as we invest in support of our customers’ growth.

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“We are delighted to partner with Gores Holdings V to create an NYSE-listed pure-play beverage can business of scale with impeccable ESG credentials, and we intend to remain a committed, long-term majority shareholder of AMP as it continues its growth journey.”

Ardagh will receive up to $3.4bn in cash for the transaction. The company will retain an approximately 80% stake in AMP.

Ardagh Metal Beverage CEO will be CEO of AMP, while Paul Coulson will serve as Chairman.

Besides holding 80% in AMP, Ardagh will continue to hold 100% ownership in its glass packaging business, as well as its 42% stake in Trivium Packaging.