Ardagh’s 76% metal packaging stake on the block: US$3.1B NYSE prize

LUXEMBOURG – Ardagh Holdings is preparing for a potential sale of its 76 percent stake in Ardagh Metal Packaging, which operates 23 facilities across nine countries, employs 6,500 people and generated approximately US$5.5 billion in sales in 2025, with a current market capitalisation of US$3.1 billion.

The board has instructed advisers to explore options including selling some or all of its indirect equity interest to a third-party buyer, or acquiring the remaining shares it does not own to facilitate a full sale. 

The potential divestment follows a major restructuring of the Ardagh Group last November, when bondholders took control of the business in a recapitalisation that converted US$4.2 billion of debt into equity and provided US$1.5 billion in fresh capital. 

Founder Paul Coulson stepped down during that transaction, and the company has since introduced its “Clearly Ardagh” commercial and operational improvement strategy to address challenging market conditions.

Market Position and Financial Performance

Ardagh Metal Packaging operates 23 production sites across nine countries and counts major beverage companies including PepsiCo, Coca-Cola, Carlsberg and Heineken among its customers. 

In the second quarter of 2026, the business reported adjusted EBITDA growth of 14 percent to US$240 million, with revenue rising 18 percent to US$1.7 billion. 

The company raised its full-year adjusted EBITDA guidance to US$775 million to US$790 million, up from US$750 million to US$775 million previously. 

However, beverage can volumes declined 1 percent year-on-year in the most recent quarter, impacted by contract resets in North America and lower shipments in Brazil.

Potential Interest and Strategic Context

Analysts suggest there could be several interested parties, arguing that Ardagh Holdings may be seeking to monetise its stake while reducing leverage and taking advantage of the positive long-term outlook for beverage cans. 

Should the sale proceed, Ardagh Group would retain exposure to the metal packaging sector through its 42 percent stake in Trivium. 

Ardagh Holdings has appointed Evercore as financial adviser and Kirkland & Ellis as lead legal adviser for the potential sale. 

The company has not set a deadline for the process and has stated there is no certainty that a transaction will result. 

The beverage can market remains structurally attractive, supported by the ongoing shift from plastic to metal packaging and growing consumer preference for infinitely recyclable containers.

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