Ardagh received $2.5 billion in cash as part of the transaction as well as a 42 per cent stake in the joint venture.
A sale of its remaining 42 per cent stake may be used to pay down debt either at Ardagh Group or holding companies above that level, according to observers. Part of the proceeds could also make their way to long-standing investors in the group, led by Mr Coulson. Many small investors remained on board a precursor of the packaging giant, Ardagh Glass, when it was taken private in 2003 and opted to reinvest some of the cash they received two years later as management used a special-purpose vehicle to purchase all the stock in the business.during the summer is also paying off for the same investors.Some $1 billion of proceeds coming from that transaction are being paid up to group holding companies.
That would bring total distributions, including share buybacks and special dividends, to the equivalent of about €1.25 billion over the space of a decade. Trivium is likely to appeal to both private equity firms and trade buyers, as the sector has become a hotbed for dealmaking.