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24 August 2021 / deal

Loyens & Loeff Luxembourg advises a Gores Group SPAC on successful business combination with the Ardagh Group’s metal packaging business

We advised The Gores Group, a global private equity firm specializing in acquiring and partnering with mature and growing businesses, on its business combination with Ardagh through which Ardagh merged its metal packaging business with Gores Holdings V, a special purpose acquisition company.

Gores and Ardagh deal - graph and writing individual

Earlier this month, Gores Holdings V, Inc., a special purpose acquisition company sponsored by an affiliate of The Gores Group which was floated in the NYSE last year, raising USD 525 million for the purposes of effecting a business combination, completed their previously announced business combination with Ardagh Group’s metal packaging business.

The combined company, an independent public company named Ardagh Metal Packaging S.A. (AMP), commenced trading on the New York Stock Exchange on August 5, 2021 under the new ticker symbol "AMBP". As a result of the business combination, AMP has received approximately $1.0 billion gross proceeds. Ardagh Group will retain a stake of approximately 82% in AMP.

As a global leader in the supply of sustainable and infinitely recyclable beverage cans, AMP has a leading presence in the Americas and Europe and is the second-largest beverage can producer in Europe and the third-largest in the Americas. AMP is the only listed pure-play beverage can company of scale and believes that strong demand in traditional and new beverage categories, coupled with environmentally-conscious end consumers, is driving an inflection point in beverage can demand and creating multi-faceted growth opportunities which AMP is well-positioned to capitalize on.

The Loyens & Loeff Luxembourg team putting together corporate and tax experts was led by corporate partners Siobhán McCarthy and Guy Palmaers, with senior associate Diogo Dias and associate Jérôme Dubois. The team further consisted of tax partner Willem Bon, senior associates Tom Hamen and Olivier Coulon.

For more information about this deal, please refer to our client’s press release.

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