Ball Sells Aerospace Business to BAE Systems for $5.6B in Cash

BALL Corp

Price represents 19.6x Ball Aerospace's LTM comparable EBITDA as of June 30, 2023.
After-tax net proceeds of ~$4.5B to reduce net debt to ~3.0x pro forma 2023 EBITDA.
Transaction expected to close in first half of 2024, subject to regulatory approvals.
Ball to accelerate share repurchases and dividends; focuses on global aluminum packaging.
BAE Systems to invest further in Ball Aerospace; complementary cultural fit cited.

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