WESTMINSTER, Colo., Aug. 17, 2023 /PRNewswire/ -- Ball Corporation (NYSE: BALL) the world's leading producer of circular aluminum packaging for global beverage and household brands, today announced that it has reached an agreement to sell its aerospace business to BAE Systems (LSE: BA.) for gross proceeds of $5.6 billion in cash, which represents 19.6x Ball Aerospace's LTM comparable EBITDA (as of June 30, 2023). The transaction, which is subject to regulatory approvals and customary closing conditions and adjustments, is projected to close in the first half of 2024.
Now confirmed:https://www.prnewswire.com/news-releases/ball-announces-agreement-to-sell-aerospace-business-for-5-6-billion-301903320.htmlQuoteWESTMINSTER, Colo., Aug. 17, 2023 /PRNewswire/ -- Ball Corporation (NYSE: BALL) the world's leading producer of circular aluminum packaging for global beverage and household brands, today announced that it has reached an agreement to sell its aerospace business to BAE Systems (LSE: BA.) for gross proceeds of $5.6 billion in cash, which represents 19.6x Ball Aerospace's LTM comparable EBITDA (as of June 30, 2023). The transaction, which is subject to regulatory approvals and customary closing conditions and adjustments, is projected to close in the first half of 2024.
BAE Systems has now successfully completed the acquisition of Ball Aerospace from Ball Corporation. This acquisition adds market-leading space, science and defense capabilities to the company’s portfolio of products and services through a new business called Space & Mission Systems. This marks a significant milestone for the BAE Systems business, adding more than 5,200 U.S. employees who share a culture of mission-focused innovation and operational excellence. Citigroup and Bank of America served as BAE Systems’ financial advisors and KPMG served as accounting advisor. Kirkland & Ellis LLP served as transaction counsel, and Covington & Burling LLP served as CFIUS counsel for the transaction.
