Ball Corporation has completed the acquisition of Rexam for approximately $6.1bn of cash and equity, in addition to the assumption of approximately $2.4bn of net debt.

Ball agreed to acquire Rexam last year.

The company’s total global metal beverage business now operates 75 metal beverage manufacturing facilities and joint ventures, in addition to various support locations in North and Central America, Europe and Russia, South America, Asia and the Middle East.

Ball currently employs 18,700 people across five continents with pro forma net 2015 sales of approximately $11bn.

"Our execution on synergies and combined strong free cashflow will allow us to deleverage rapidly."

The company’s global headquarters will continue to remain at Broomfield, Colorado, US.

The closure of the Rexam headquarters based in London, UK, is expected soon once the requisite functions to support the combined group have been shifted. This is expected to be achieved by the end of this year.

Ball Corporation chairman, president and chief executive officer John A Hayes said: "We’re delighted to move forward together as a leader in the packaging industry, supplying approximately $100bn innovative, high-quality metal beverage containers from the world’s most efficient manufacturing footprint.

"We will immediately begin integrating the new business into our global metal beverage operations, maintaining a focus on Ball’s existing Drive for 10 vision, EVA philosophy, balance sheet management, free cashflow generation and capital allocation practices.

"Through this shared approach, we will drive in excess of $300m in synergies by the end of the third year of combined operations."

Ball Corporation senior vice-president and chief financial officer Scott C Morrison said: "Our execution on synergies and combined strong free cashflow will allow us to deleverage rapidly."