Trivium to Combine With Silgan Metal Containers and Food and Beverage Segments in $7.3 Billion Deal

Paul, Weiss advised Amsterdam-based Trivium Packaging B.V. and its shareholders, including Ontario Teachers’ Pension Plan (OTPP) and The Ardagh Group, in Trivium’s sale to Connecticut-based Silgan Holdings Inc. and funds affiliated with American Industrial Partners, and its combination with Silgan’s Metal Containers segment and Food and Beverage Flat Cap Closures businesses. The deal, announced on October 19, values Trivium at approximately $3.4 billion, including debt, and Silgan’s contributed Metal Containers segment and Food and Beverage Flat Cap Closures businesses at an enterprise value of $3.8 billion, and will create a leading global supplier of metal packaging, Silgan Metal Containers and Closures, or Silgan MCC.

Under the terms of the deal, both OTPP and The Ardagh Group will sell their entire stakes in Trivium to Silgan and the AIP funds. In connection with the formation of Silgan MCC, Silgan will receive approximately $2.3 billion of cash proceeds and retain 60% controlling ownership interest in Silgan MCC. AIP will own the remaining 40% interest and contribute approximately $1 billion in cash to support the acquisition and future growth of the business. The transaction is expected to close mid-2027, subject to customary closing conditions.

The Paul, Weiss team is led by corporate partner Timothy Burns and counsel Ryan Starstrom, and includes partner Tristan VanDeventer and litigation partner Blake Rohrbacher.