# Silgan Plans Trivium Acquisition at $3.4 Billion Enterprise Value

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/34774
Published: 2026-10-19T12:37:31.000Z
Updated: 2026-10-19T12:37:31.000Z
Section: Business

> Funds affiliated with American Industrial Partners would own 40% of the new Silgan Metal Containers and Closures partnership. Silgan expects about $2.3 billion in cash proceeds.

Silgan Holdings Inc. and funds affiliated with American Industrial Partners plan to acquire Trivium Packaging B.V. at a $3.4 billion enterprise value, in a deal that would create a Silgan-controlled metal packaging partnership.

The transaction announced Oct. 19 would bring Trivium together with Silgan’s Metal Containers segment and Food and Beverage Flat Cap Closures businesses. The resulting partnership, Silgan Metal Containers and Closures, would be 60% owned by Silgan and 40% owned by the American Industrial Partners funds.

Silgan expects about $2.3 billion in cash proceeds, which it plans to use to retire certain existing debt. The American Industrial Partners funds would contribute about $1 billion in cash equity. Committed debt financing would provide the remaining capital for the acquisition.

Ontario Teachers’ Pension Plan, Trivium’s majority owner, is selling its stake. Ardagh Group is also selling its approximately 42% interest. The $3.4 billion enterprise value applies to Trivium, while Silgan values the businesses it would contribute to the partnership at $3.8 billion.

Trivium’s 2025 net sales were about $3 billion, and it operates 57 locations worldwide. Its packaging includes cans and aerosol containers used for food, seafood, pet food, nutrition, beauty and personal care products. The proposed partnership would have its own balance sheet, though Silgan would consolidate its results into the company’s financial statements.

Silgan projects $225 million in synergies by the end of the third year, with targets of about $75 million in year one and $150 million in year two. Its projection, which includes full run-rate synergies, calls for at least 15% accretion to adjusted earnings per share. Trivium CEO Michael Mapes said the deal “marks the next step in our evolution.”

Silgan would move its Dispensing and Custom Containers operations into a wholly owned separate segment called Silgan Dispensing Solutions. That would leave the company with a wholly owned dispensing business alongside its controlling interest in the metal packaging partnership.

The companies expect to close the transaction in mid-2027, subject to regulatory approvals, applicable works council consultations and other closing conditions.