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Sonoco Products Co (NYSE:SON) has entered into a definitive agreement to acquire Ball Metalpack, a manufacturer of sustainable metal packaging for food and household products and aerosol producer, for $1.35 billion in cash.
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- Ball Metalpack is a joint venture owned by Platinum Equity (51%) and Ball Corp (NYSE:BLL).
- Ball Metalpack is projected to generate about $850 million in revenue and $111 million of adjusted EBITDA in 2021.
- Sonoco expects the acquisition to expand its sustainable packaging portfolio with metal packaging and immediately accretive to EPS in 2022.
- Sonoco indicates to realize tax benefits having an estimated net present value of approximately $180 million.
- Sonoco anticipates reporting the acquired business' financial results in its Consumer Packaging segment. Jim Peterson, CEO of Ball Metalpack, will continue to lead the business.
- Sonoco has obtained a commitment from JPMorgan Chase Bank, N.A. for a $1.0 billion senior unsecured bridge loan facility in connection with the transaction. It held $160 million in cash and equivalents as of October 3, 2021.
- Sonoco expects to close the deal in the first quarter of 2022.
- Price Action: SON shares closed lower by 1.49% at $58.69 on Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.