Regulators in the European Union have approved a 1.7 billion euro ($2.24 billion) acquisition of Dutch metal packaging company Impress Cooperative, Reuters reported. Irish packaging maker Ardagh Glass Group will buy the company from private equity firm Doughty Hanson. The buyout shop has said the acquisition will mean a return of 688 million euros ($895 million) to investors in two of its funds, Reuters said.
(Reuters) – Irish bottle and packaging maker Ardagh Glass Group [ARDGR.UL] secured EU regulatory approval on Tuesday for its 1.7 billion euro ($2.24 billion) takeover of Dutch metal packaging company Impress Cooperative.
Private equity firm Doughty Hanson & Co, which is selling Impress, has said it will return 688 million euros from the sale to investors in two of its funds.
The European Commission, the EU’s competition watchdog, said the takeover deal would allow Ardagh to diversify its product range, with no current overlaps between the two firms.
“The Commission also investigated the effects of Ardagh’s enlarged product range and concluded that anticompetitive conglomerate effects would be unlikely, because of the presence of alternative and competing sources of supply for both glass packaging and metal cans,” it said in a statement.