Updated / Tuesday, 23 Feb 2021 11:57 Paul Coulson is the chairman and CEO of Ardagh Group Ardagh Group said today it will spin off its metal packaging business through a merger with a listed blank-check firm backed by billionaire Alec Gores, in a deal that values the new company at $8.5 billion. The deal with Gores Holdings V will provide a total infusion of $3.4 billion to the spun-off company. This will be financed by a combination of $2.3 billion of new debt, $600m from new investors and the capital raised in Gores Holding V's initial public offering of shares last year. Luxembourg-based global packaging group Ardagh operates 56 metal and glass production facilities in 12 countries, employing more than 16,000 people, according to its website.