Ardagh Holdings S.A. (AHSA), the controlling shareholder of Ardagh Metal Packaging S.A. (NYSE: AMBP), has instructed advisers to prepare for a potential sale of some or all of its equity interests in AMPSA to a third-party buyer, according to a Schedule 13D amendment filed with the U.S. Securities and Exchange Commission.

The filing notes that a potential transaction could include a scenario in which AHSA acquires the ordinary shares of AMPSA not currently held by AHSA in order to facilitate a full sale of equity interests to a third party. Evercore International Partners LLP has been appointed as financial adviser to AHSA, and Kirkland & Ellis International LLP as lead legal adviser.

AHSA has not set a deadline or definitive timeline for the process and stated it does not intend to comment further unless its board of directors approves a specific course of action. There is no assurance the process will result in any transaction.

AMPSA noted that it currently relies on administrative and support services provided by AGSA, a wholly owned subsidiary of AHSA, under a services agreement. If a transaction is completed, that agreement is expected to be terminated in whole or in part. AMPSA estimates the incremental annual cost to replace those services on a standalone basis would be approximately $30 million.

AMPSA operates 23 production facilities across nine countries, employs approximately 6,500 people, and reported sales of $5.5 billion in 2025. AHSA's parent, Ardagh Group, operates 58 metal and glass production facilities in 16 countries with approximately 19,000 employees and sales of approximately $9.6 billion in 2025.