Paul Coulson will serve as chairman of the new firmArdagh’s metal packaging business is to combine with Gores Holdings V, creating an independent public company valued at around $8.5bn (€7bn). Paul Coulson’s Ardagh will retain an approximately 80pc stake in the new company – Ardagh Metal Packaging (AMP) – and receive up to $3.4bn (€2.8bn) in cash in the transactions. The combined business includes up to $525m (€432m) in cash from Gores Holdings V and a $600m (€494m) private placement led by “top-tier investors,” Ardagh said in a statement. Oliver Graham, CEO of Ardagh Metal Beverage, will be CEO of AMP. The transaction has been unanimously approved by the boards of directors of both Ardagh and Gores Holdings V.Last week Ardagh released its annual results for 2020.

Source: Irish Independent February 23, 2021 12:20 UTC