US-based beverage can manufacturer Ball has acquired Rexam for cash and equity worth nearly $6.1bn.
The deal also included the assumption of about $2.4bn net debt.
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Last month, the European Commission (EC) approved the acquisition of the British beverage can manufacturer.
Ball chairman, president and CEO John Hayes said: "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.
"We will immediately begin integrating the new business into our global metal beverage operations, maintaining a focus on Ball’s existing Drive for 10 vision, EVA philosophy, balance sheet management, free cash flow generation and capital allocation practises."
Ball has also received around $3.1bn after divesting metal beverage can manufacturing facilities in Europe, Brazil and the US to Luxembourg-based packaging maker Ardagh.
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By GlobalDataThe firm’s metal beverage business now operates 75 metal beverage manufacturing facilities and joint ventures, in addition to various support locations in North and Central America, Europe and Russia, South America, Asia and the Middle East.
With around 8,000 employees, Rexam provides can solutions for carbonated soft drinks, beer, energy drinks and other drinks categories.
The firm operates around 55 plants across 20 countries in Europe, Africa, the Middle East, Asia, North and South America.
Ball provides packaging solutions for beverage, food and household products customers. It also supplies aerospace technologies and services to the US government.
Greenhill & Co. represented Ball as lead financial advisor; Skadden, Arps, Slate, Meagher & Flom acted as lead legal advisor; and Axinn, Veltrop and Harkrider as lead antitrust advisor.
Deutsche Bank, London Branch and Goldman, Sachs & Co. also represented Ball as financial advisors.
Image: Rexam operates 55 plants across 20 countries. Photo: courtesy of Rexam.
