Australia-based pallets and container maker Brambles has closed the deal to divest its IFCO reusable plastic containers (RPC) business to Triton and a subsidiary of the Abu Dhabi Investment Authority (ADIA) for a total consideration of $2.51bn.

The company closed the deal after receiving the necessary regulatory approvals.

As part of the deal, announced on 25 February 2019, Brambles plans to return up to $1.95bn of proceeds from the transaction to shareholders through a combination of a pro-rata return of cash of approximately $300m and an on-market share buy-back of up to $1.65bn.

The container maker will use the remaining proceeds to repay debt to maintain leverage in line with the Board approved credit policy.

In a statement, Brambles said: “It is Brambles’ intention to commence the on-market buyback in early June, before pausing on 23 June, when the company enters its blackout period until its 2019 full year result announcement on 21 August.

“The pro rata return of cash remains subject to obtaining an ATO ruling and shareholder approval at the 2019 Annual General Meeting. Subject to the ruling and shareholder approval, the pro rata return of cash is expected to be paid to shareholders in October.”

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IFCO offers RPC pooling solutions, which cater to the supply chain needs of grocery retailers across Europe, North America, Latin America, Japan and China.

The company, through its solutions, helps retailers and producers to reduce costs and increase sales by maximising efficiency, product quality, sustainability and safety across the supply chains.