Ball Corporation, a provider of metal packaging in the US, said that the company has reached a definitive deal to sell its aerospace business, Ball Aerospace, to the UK’s biggest weapons maker BAE Systems for around US$ 5.55 billion in cash. The acquisition will be helpful for BAE Systems to improve its position and expand technologies in the US defense market.

The transaction is subject to regulatory approvals and customary closing conditions and adjustments. It was expected to close in the first half of 2024.

Daniel W. Fisher, Chairman and Chief Executive Officer of Ball Corporation, said that after the successful closing of this transaction, the company will continue executing its strategy of using more circular aluminum packaging worldwide and accelerate the low-carbon, best-value aluminum packaging initiatives in the future years.