Ardagh to acquire glass packaging company Consol for $1bn

Ardagh Group has announced that it will acquire African firm Consol Holdings for approximately $1 billion. 

Headquartered in Johannesburg, and founded in 1946, Consol is one of the largest producers of glass packaging on the African continent.  

The company operates four glass production facilities, serving a range of customers in the beer, wine, spirits, food and non-alcoholic beverage categories. 

Under the terms of the transaction, Ardagh will purchase Consol for an equity value of ZAR10.1 billion ($635 million). The deal will also assume Consol’s debt of ZAR5.7 billion ($358 million).

Consol reported consolidated revenues of ZAR9.0 billion ($566 million) in the year to June 30 2021. 

Completion of the purchase is subject to certain conditions, pending regulatory approval, and expected to be finalised in the second quarter of 2022.