Gores Holdings V To Combine With Ardagh's Metal Packaging Business To Create Public company

(RTTNews) - Ardagh Group S.A. (ARD) and Gores Holdings V (GRSV, GRSVU, GRSVW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, have reached an agreement under which Gores Holdings V will combine with Ardagh's metal packaging business that will be held by Ardagh Metal Packaging S.A. The company plans to apply to list its shares on NYSE under the ticker symbol, AMBP.

Ardagh will retain an approximately 80% stake in Ardagh Metal Packaging and receive up to $3.4 billion in cash in the transactions. Oliver Graham, CEO of Ardagh Metal Beverage, will be CEO of Ardagh Metal Packaging. The combined company is expected to have an enterprise value of approximately $8.5 billion at closing.