Gores Holdings V (Nasdaq: GRSV, GRSVU, GRSVW) announced an impending business combination with Ardagh Metal Packaging (AMP), pending stockholder approval at a Special Meeting on August 3, 2021. The merger is expected to close on August 4, 2021, enabling AMP, a leader in sustainable beverage cans, to become publicly traded. Gores Holdings V aims to leverage its expertise to support market-leading companies. Since its IPO in August 2020, Gores has announced or completed eight business combinations totaling $38 billion in transaction value.
On July 29, 2021, Ardagh Metal Packaging S.A. (AMP) reported a revenue increase of 19% for Q2 2021, reaching $991 million, driven by growth in the Americas (21%) and Europe (17%). Adjusted EBITDA rose 24% to $173 million. Year-to-date revenue of $1.93 billion showed a 16% increase. The company announced it would soon execute a new $300 million ABL facility, adding to $600 million cash on hand. Despite a cyber security incident impacting $15 million, production remained stable. AMP's business combination with Gores Holdings V is set for vote on August 3, 2021, with shares trading under ticker AMBP from August 5, 2021.
Gores Holdings V (NASDAQ: GRSV, GRSVU, GRSVW) announced plans to delist its shares from Nasdaq upon closing its merger with Ardagh Metal Packaging S.A. (AMPSA). The shares and warrants of AMPSA will begin trading on the NYSE as "AMBP" and "AMBPW" after the merger. The delisting from Nasdaq is part of the business combination strategy. Stockholders are advised to review the definitive proxy statement for essential information regarding the merger. The NYSE listing is contingent upon fulfilling all listing requirements and closing conditions.
Gores Holdings V (NASDAQ: GRSV, GRSVU, GRSVW) announced a Special Meeting on August 3, 2021, to vote on merging with Ardagh Metal Packaging. The SEC has approved the registration for this business combination, which aims for Ardagh to go public under the NYSE symbol "AMBP." Estimated enterprise value upon closing is approximately $8.5 billion, boosted by a $600 million private placement. The merger has been unanimously approved by both boards but is contingent on stockholder approval and other standard conditions.
Ardagh Group and Gores Holdings V announced a merger to create Ardagh Metal Packaging S.A., which will be listed on the NYSE as AMBP. Ardagh will maintain an 80% ownership and receive up to $3.4 billion in cash. The combined entity has an enterprise value of approximately $8.5 billion and is projected to double its Adjusted EBITDA from $545 million in 2020 to over $1.1 billion by 2024. The transaction is expected to close in Q2 2021, subject to stockholder approval and other conditions. This move positions the new company as a leader in sustainable beverage can production.