Silgan Holdings Inc. announced on October 17, 2026, a complex transaction involving the creation of a new partnership to acquire Trivium Packaging B.V. The deal includes the contribution of Silgan’s existing metal packaging operations to a newly formed subsidiary and the subsequent acquisition of Trivium.
Under the terms of the Transaction Agreement, Silgan will contribute its Metal Containers and Closures Business to MetalCo, a newly formed Delaware limited liability company. This contribution will be made on a cash-free, debt-free basis. In exchange for this contribution, Silgan will receive 60% of MetalCo’s Class A voting units and a distribution amount of $2.263 billion, minus any assumed debt.
A-VL Holdco, LP, an investment vehicle affiliated with funds managed by American Industrial Partners Capital Fund IX, L.P., will contribute $1.025 billion in cash to MetalCo in exchange for the remaining 40% of the Class A voting units. The equity commitment for this contribution comes from Fund IX.
Simultaneously, MetalCo has entered into a Put Option Agreement with Trivium Packaging B.V. and other selling entities, including Ardagh Group Holdings S.à r.l. and Element Holdings II L.P. This agreement grants the sellers the right to require MetalCo to purchase 100% of the outstanding shares of Trivium. The sellers are obligated to engage with works councils in France and the Netherlands and complete required consultation processes before the option can be exercised.
If the sellers exercise the Put Option, MetalCo will be required to purchase the shares for approximately $327.5 million in cash, subject to adjustments, plus the assumption of approximately $1.5 billion in debt. The transaction is subject to customary closing conditions and regulatory approvals. The parties have agreed to terminate the agreement if the closing has not occurred by October 15, 2027.
