Sustainable beverage can supplier Ardagh Metal Packaging (AMP) has completed its previously announced merger with US-based special purpose acquisition firm Gores Holdings V.

The merger was approved by Gores Holdings V stockholders at a special meeting on 3 August, the two companies having initially entered the agreement in February.

Gores Holdings V paid around $1bn for the deal.

The new entity, Ardagh Metal Packaging, will begin trading on the New York Stock Exchange on 5 August under the ‘AMBP’ ticker symbol.

Gores Group chairman and CEO and Gores Holdings V chairman Alec Gores said: “As a standalone public company, AMP is well-positioned to strengthen its market leadership as it capitalises on its significant expansion opportunities amid favourable sustainable product demand dynamics.”

Upon completion of the deal, Ardagh Group expects to remain AMP’s long-term majority owner and will continue to hold a stake of around 82% in the business.

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AMP currently operates 23 production facilities and generated around $3.5bn in sales last year.

AMP CEO Oliver Graham said: “We are delighted to have completed our combination with Gores Holdings V.

“Over the past five years, our business has grown its position as one of the world’s leading beverage can producers through our agility and foresight in tapping into emerging consumer and market trends.”

“AMP’s accelerated growth strategy is timely and deepens our connection with our customers and end consumers, as demand for sustainable beverage cans continues to grow.”

Citigroup acted as exclusive financial adviser to Ardagh for the transaction while Shearman and Sterling served as the company’s legal adviser.

In June, Ardagh partnered with France-based beverage group Ogeu to invest in a beverage can filling line.

Ogeu will use the filling line to add 15cl slim, 25cl slim, 33cl sleek and standard and 50cl standard can formats to its range of beverage products, which include alcoholic, non-alcoholic, sparkling, still and wine-based drinks.