EU gives thumbs-up to Ardagh's EUR1.7bn acquisition of Impress.
Irish glass container and packaging producer Ardagh Glass Group today won clearance from the European Union to acquire Dutch metal packaging specialist Impress Cooperative for EUR1.7bn (USD2.2bn).
The EU competition regulator said the deal would not lead to overlaps, while, at the same time, would enable Ardagh to diversify its product offering.
British private equity firm Doughty Hanson & Co said that the sale of Impress would bring EUR688m to its Fund II and III investors.
Following Impress' integration into Ardagh, the company will operate as Ardagh Packaging Group, which is expected to generate sales of over EUR3bn.
Impress's annual sales amount to EUR1.8bn. It employs 7,500 in 22 countries over five continents.Country: Netherlands, Sector: Paper/Packaging/Office Supplies, Metals/MiningTarget: Impress Cooperative UABuyer: Ardagh Glass Group PLCVendor: Doughty Hanson & Co Managers LimitedDeal size in USD: 2.2bnType: Corporate acquisitionStatus: AgreedComment: Deal cleared by the EU.
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|Publication:||M & A Navigator|
|Date:||Nov 30, 2010|
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