WASHINGTON (dpa-AFX) - KPS Capital Partners LP Thursday said it agreed to buy the Europe, Middle East and Africa food, aerosol and promotional packaging business from Crown Holdings Inc. (CCK) for 2.25 billion euros, or around $2.7 billion.
Crown Holdings will retain 20% ownership of the company. The transaction is expected to close in the third quarter of 2021.
The EMEA Food and Consumer Packaging Business is a manufacturer of steel and aluminum food packaging in Europe. The EMEA Food and Consumer Packaging Business generates annual revenue of around 2.0 billion euros.
Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, 'We are excited to acquire one of the largest metal packaging businesses in Europe. The size and scale of the business, the breadth of its products and its critical food safety technology and process disciplines developed over decades, coupled with growing end-markets, are the foundation of a tremendous investment platform.'
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