Silgan is combining its metal packaging business with Trivium in a $3.4 billion deal

Silgan Holdings announced a proposed transaction on Monday to combine its Metal Containers segment and Food and Beverage Flat Cap Closures businesses with Trivium Packaging. The all-cash acquisition gives Trivium an enterprise value of roughly $3.4 billion, Silgan said.

The combined business will be called Silgan Metal Containers and Closures, or Silgan MCC, and will have operations in North America and Europe. Silgan will take in around $2.3 billion in cash, earmarked for paying off some of its current borrowings, and will hold a controlling 60% share of Silgan MCC.

Funds affiliated with American Industrial Partners will own the other 40% and contribute about $1.0 billion of cash equity. Committed debt financing will cover the rest of the capitalization. The partnership will have an independent balance sheet that will be consolidated into Silgan’s financial statements, Silgan said.

The deal values Trivium at 7.1 times last-twelve-months adjusted EBITDA, or 4.8 times when expected synergies of $225 million are included. The contributed Silgan businesses carry an enterprise value of $3.8 billion, or 8.1 times last-twelve-months adjusted EBITDA.

Silgan said the transaction is expected to add at least 15% to its adjusted earnings per share and free cash flow, including the expected synergies.

Silgan will fold its Dispensing and Custom Containers operations together under a new segment name, Silgan Dispensing Solutions. That segment will remain owned by Silgan.

Ardagh Group, a minority partner in Trivium, separately announced the sale of its stake on Monday. Ontario Teachers' Pension Plan opted to exit its controlling position in Trivium by selling to Silgan and American Industrial Partners, and Ardagh agreed to divest its full holding of about 42%, according to Ardagh.

Ardagh expects net cash proceeds of about $90 million, which it plans to put toward reinvestment in its business or debt reduction. Ardagh said the sale is expected to close in mid-2027. Closing is subject to regulatory approvals, completion of works council consultation processes and other customary conditions.

Trivium supplies metal packaging, including cans and aerosol containers, to food, seafood, pet food, nutrition, beauty and personal care customers. The company recorded revenue of $3 billion in 2025, according to Ardagh.

Evercore is lead financial advisor to Trivium and its shareholders. J.P. Morgan and BMO Capital Markets are also advising on the transaction, Ardagh said.