Silgan strikes $3.4 billion Trivium deal, folds metal packaging into partnership with AIP for $2.3 billion in cash

Silgan Holdings is reshaping itself around a big metal-packaging bet. The can and closures maker said Monday it will combine its Metal Containers business with Trivium Packaging in a new partnership with funds affiliated with American Industrial Partners, pulling about $2.3 billion of cash out for Silgan in the process.

The all-cash acquisition values Trivium, a Netherlands-based metal packaging supplier, at an enterprise value of about $3.4 billion, or 7.1 times its trailing 12-month adjusted EBITDA, according to a press release filed with an 8-K. Including $225 million of expected synergies, Silgan put the multiple at 4.8 times.

The new business, to be called Silgan Metal Containers and Closures, will also take in Silgan's food and beverage flat cap closures businesses. Silgan valued the operations it is contributing at an enterprise value of $3.8 billion, or 8.1 times trailing adjusted EBITDA, and billed the combination as a $7.3 billion global metal packaging business.

Who owns what

Silgan will keep a 60% controlling stake in the partnership, and AIP will own the remaining 40% after contributing about $1.0 billion of cash equity. Fully committed bank debt makes up the rest of the financing. The partnership will carry its own balance sheet but be fully consolidated into Silgan's financial statements, the company said.

Silgan plans to use its roughly $2.3 billion of proceeds to retire certain existing debt. Its dispensing and custom containers operations will be combined into a single wholly owned segment named Silgan Dispensing Solutions.

The company also said the structure "defines a pathway" to a possible tax-free distribution that would create two separate entities.

Synergies and timing

Silgan expects synergies of about $75 million in year one, $150 million in year two and $225 million by the end of year three. Including full run-rate synergies, it expects the deal to lift its adjusted earnings per share by at least 15%.

The deal, unanimously approved by Silgan's board, is expected to close in mid-2027 and needs regulatory approvals and works council consultations. The partnership's board will have three Silgan nominees and two from AIP. Silgan also confirmed its adjusted EPS outlook for the third quarter and full year 2026.

By the numbers

• Trivium enterprise value: about $3.4 billion
• Cash proceeds to Silgan: about $2.3 billion
• AIP cash equity: about $1.0 billion for a 40% stake
• Expected synergies: $225 million by year three
• Expected adjusted EPS accretion: at least 15%
• Expected close: mid-2027

Sources

1. Silgan Holdings Inc., Form 8-K with Exhibit 99.1 press release and Exhibit 99.2 presentation, filed Oct. 19, 2026, accession 0001193125-26-424669

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