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The $530m deal closed after receiving all mandatory approvals.
Ball’s Russian business accounted for approximately 4% of the company’s total net sales and 8% of its total comparable operating earnings last year.
The company’s plants in the country also produced around 5% of its 112.5 billion global beverage can unit shipments last year.
In March, Ball decided to reduce its operations at its Russian manufacturing facilities and leave the Russian market entirely due to the country’s conflict with Ukraine.
The company expects the divestiture to have no impact on its operations elsewhere in the world.
Arnest manufactures perfume, cosmetic and household products in aerosol packaging in Russia. Ball’s Aluminium Aerosol division is expected to benefit from the company’s ‘experienced’ team.
Ball president and CEO Dan Fisher said: “This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball’s colleagues and assets in Russia.
“We believe this is a sound outcome for Ball in these geopolitical circumstances.”
Based in Broomfield, Colorado, Ball supplies aluminium packaging solutions for beverage, personal care and household products for customers.
The company employs a total of 24,300 people worldwide and reported $13.8bn in net sales last year.
Espetina acquired four manufacturing units in Russia as part of the €151m ($150m) deal.