Gores Holdings V set an Aug. 3 meeting for shareholders to vote on the SPAC’s proposed merger with a subsidiary of Ardagh Metal Packaging (AMP), which supplies infinitely-recyclable beverage cans. The SEC has declared effective the SPAC’s registration statement on the transaction.
Luxembourg-based Ardagh Group will retain an approximately 80% stake in AMP and receive up to $3.4 billion in cash in the transactions.
The combined company is expected to have an enterprise value of approximately $8.5 billion at closing.
Assuming no share redemptions by Gores V stockholders, approximately $525 million in cash held in the SPAC’s trust account, together with a $600 million PIPE and approximately $2.3 billion of new AMP debt will be used to pay Ardagh, as well as to pay transaction expenses. Read more.
