Irish-founded glass and metal packaging group Ardagh has agreed to buy South African company Consol Holdings in a deal worth $1bn (€890m).
The move marks North American and European-focused Ardagh's expansion into Africa.
Consol is the leading producer of glass packaging in Africa.
Ardagh has agreed a purchase price of $635m, with Consol’s existing debt of $360m bumping up the overall deal value to $1bn.
Glass consumption in Consol’s markets is projected to continue to increase, driven by long-term trends; including population growth, rising income levels and shifts to premium one-way sustainable glass packaging.
Completion of the acquisition is reliant on regulatory approvals that are expected to be obtained in the second quarter of 2022.