Reynolds Group has agreed to divest its carton packaging and filling machines supplier SIG Combibloc to Onex Corporation, in a €3.75bn deal.
An agreement to this effect has been signed between Rank Group and Onex.
The divestment is in line with Reynolds' strategy to reduce its debt, Reuters reported.
The transaction, which is subject to certain regulatory approvals and other customary closing conditions, is expected to be completed in the first quarter of 2015.
SIG Combibloc CEO Rolf Stangl said: "Onex is a strong and committed capital partner to grant continuity in our successful business strategy.
"Just as in the past, focusing on our customers and delivering excellent quality and service remains the unchanged top priority for SIG."
Onex Corporation managing director Nigel Wright said: "SIG's management team has successfully proven its ability to enter and grow in new markets, while maintaining its standards of excellence in existing markets.
"We look forward to partnering with Rolf Stangl and his team to further build upon SIG's impressive track record and continue its growth."
Apart from Onex, other private equity firms from Europe and North America have also expressed interest to acquire the packaging firm.
Currently, SIG Combibloc has operations in 40 countries and employs around 5,100 people.
Image: SIG provides aseptic beverage cartons and packaging equipment for beverages and liquid food. Photo: courtesy of SIG Combibloc Group.