Platinum Equity is in advanced negotiations to acquire Trivium Packaging for more than USD 3.5 billion, according to a report by Bloomberg.

The Los Angeles-based private equity firm has emerged as the preferred bidder after surpassing other contenders. The deal, which is expected to be finalized in the coming weeks, involves current owners Ontario Teachers’ Pension Plan Board (OTPP) and Ardagh Group.

Rival bidder Sonoco Products withdrew from the bidding process after recently striking a separate deal in June to purchase European food can manufacturer Eviosys for approximately USD 3.9 billion, sources familiar with the matter disclosed. Multiple other private equity firms had also shown interest in acquiring Trivium.

While discussions are ongoing, there is no certainty that a definitive agreement will be reached. OTPP and Ardagh had explored selling Trivium in 2021 but postponed the decision. They revived the sale process earlier this year, as initially reported by Bloomberg in January.

Representatives from Ardagh, OTPP, Platinum Equity, and Sonoco declined to provide comments on the current situation when approached by Bloomberg.

Trivium, headquartered in the Netherlands, specializes in manufacturing metal packaging for various sectors including food, beauty, and household products. Its product range includes tuna cans, hairspray bottles, paint containers, and disinfectant sprays.

The company has an annual revenue of approximately USD 3.1 billion and operates with a workforce of nearly 7,500 employees spread across 60 global locations. Trivium was formed in 2019 through the merger of Exal Corp., backed by OTPP, and Ardagh’s food and specialty packaging division.