Silgan Holdings said on 19 October 2026 that it would acquire Trivium Packaging, valued at about US$3.4bn including debt, through a new metal packaging partnership with American Industrial Partners.
Why Silgan Holdings Inc. and American Industrial Partners (via Silgan MCC) is buying Trivium Packaging B.V.
The deal creates a global metal food and beverage packaging business with an enterprise value of about US$7.3bn and operations principally in North America and Europe, while leaving Silgan's dispensing and custom containers businesses wholly owned as a separate Silgan Dispensing Solutions segment.
Deal terms and financing
Silgan will receive about US$2.3bn in cash and keep 60% of Silgan MCC; AIP will hold 40% and contribute about US$1.0bn of equity, with the balance funded by committed bank debt. Silgan expects US$225m of synergies and at least 15% adjusted EPS accretion.
Regulatory approvals and timing
The transaction requires regulatory approvals and completion of works council consultations, and is expected to close in mid-2027.
Market context
Ontario Teachers' Pension Plan, which holds a majority stake in Trivium, and Ardagh Group are the sellers. Silgan said the structure also creates a pathway to a later tax-free distribution separating its two packaging platforms.
