Silgan to receive $2.3 billion cash in AIP partnership to acquire Trivium for $3.4 billion
Silgan Holdings said it will combine its Metal Containers and Food and Beverage Flat Cap Closures businesses with Trivium Packaging in a partnership with funds affiliated with American Industrial Partners (AIP), with the partnership acquiring Trivium in an all-cash deal at a $3.4 billion enterprise value. Silgan expects about $2.3 billion of cash proceeds and a 60% stake in the new partnership, and it expects the deal to be at least 15% accretive to adjusted EPS and free cash flow, including $225 million of expected synergies. The deal is expected to close in mid-2027, subject to regulatory approvals and other conditions, and Silgan confirmed its third-quarter and full-year 2026 adjusted EPS outlook.
Key points
- Silgan MCC will combine Silgan's Metal Containers and Flat Cap Closures businesses with Trivium at a $3.4 billion enterprise value for Trivium, or 7.1x LTM Adjusted EBITDA
- Silgan receives approximately $2.3 billion of cash proceeds and retains 60% ownership; AIP holds 40% and contributes approximately $1.0 billion of cash equity
- Expected synergies of $225 million by year three, with about $75 million in year one and $150 million in year two; Silgan expects at least 15% adjusted EPS accretion
- Expected close in mid-2027; Silgan MCC net leverage estimated at about 4.0x pro forma
The filing
Written by AI on Nov 7, 2026, 11:17 PM ET, from this filing only.
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