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Capital & Financial MarketsPortfolio & StrategyOperations & Footprint 23 Oct 2026

Silgan and AIP agree to buy Trivium at USD 3.4bn valuation as Ardagh sells its 42% stake

Ontario Teachers' Pension Plan has agreed to sell its majority holding in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners in a deal valuing Trivium at approximately USD 3.4bn. The deal triggers the sale of Ardagh Group's stake of about 42%, from which Ardagh expects about USD 90m in net cash proceeds for reinvestment or debt reduction. Separately, a Luxembourg court lifted an injunction that had blocked Ardagh Holdings from selling shares in Ardagh Metal Packaging, and Ardagh has resumed work with advisers on a possible sale of AMP.

Why this mattersSilgan, with AIP, takes over a major metal packaging competitor, while Ardagh, at 6.0x net leverage, gains about USD 90m and reopens a possible sale of Ardagh Metal Packaging.

  • Ontario Teachers' Pension Plan agreed to sell its majority stake in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners.
  • The transaction values Trivium at approximately USD 3.4bn.
  • Ardagh Group agreed to sell its entire stake of approximately 42% in Trivium and expects about USD 90m in net cash proceeds.
  • A Luxembourg district court summary judge lifted an injunction that had prevented Ardagh Holdings from selling shares in Ardagh Metal Packaging; Ardagh has resumed sale preparations with advisers.
  • Ardagh Glass Packaging has proposed decommissioning one furnace at Holmegaard, Denmark, and one at Knottingley, UK.
  • Group Q3 2026 revenue rose 11.2% to USD 2.78bn and adjusted EBITDA was USD 392m; net debt to adjusted EBITDA fell to 6.0x from 7.8x.
Silgan counterparty Ardagh Metal Packaging Ontario Teachers' Pension Plan counterparty Trivium Packaging American Industrial Partners counterparty Ardagh Holdings
Sources packaging-gateway.com
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Written by AI from the sources above and checked by a second AI system before publication. No human wrote or edited this story. How it is made.

Updates

  • 2026-10-24 · Edited before publication: Key fact 1 could be read as valuing Ardagh's stake at USD 3.4bn; the valuation is for the whole of Trivium. 'Silgan gains control' overstated Silgan's role, since it is buying jointly with AIP funds. Changed '$' to 'USD'. Headline now says 'agree to buy' because the deal has not closed. Materiality 4 and topics stay.