Should You Buy GRSV SPAC Stock Before the Ardagh Metal Packaging Merger?

Ardagh Metal Packaging (AMP), a subsidiary of Ardagh Group (ARD), is gearing up to go public through a reverse merger with Gores Holdings V (GRSV). Ardagh Group supplies recyclable metal beverage and glass packaging for leading brands. The GRSV SPAC raised about $525 million in its Aug. 2020 IPO. What’s the GRSV-AMP merger date, and should you buy the SPAC stock now?

The GRSV-AMP merger is expected to close in the second quarter of 2021. The transaction, subject to approval by GRSV shareholders and other customary closing conditions, is set to have a pro forma enterprise value of $8.5 billion. The combined entity will be listed on the NYSE under the ticker symbol “AMBP.”

The deal will provide Ardagh Group with $3.4 billion in cash to fund growth initiatives. The amount includes about $525 million in cash held by GRSV in trust and an additional $600 million in PIPE (private investment in public equity) at $10 per share. Ardagh Group will retain about 80 percent of the combined entity when the deal closes.

GRSV stock seems to be a good buy for investors seeking bargain SPAC opportunities. The global metal packaging market is expected grow 1.8 percent compounded annually to $161.3 billion in 2027 from $142.8 billion in 2020. AMP is expected to generate revenue of $3.8 billion in 2021, $4.5 billion in 2022, and $5.2 billion in 2023.

GRSV has set AMP’s pro forma implied equity value at $6.1 billion. Meanwhile, at GRSV’s current stock price, AMP is valued at around $6.0 billion. AMP’s 2021 price-to-sales and 2024 price-to-sales multiples are 1.6x and 1.1x, respectively. In comparison, Ball Corporation (BLL) is trading at a 2021 price-to-sales multiple of 2.1x.

This content was originally published here.


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