The deal is expected to value the business at around £500m and will likely be announced later this month, said Reuters, citing two people familiar with the transaction.
Rexam decided to sell the unit in June last year to focus on making beverage cans.
Other private equity firms that were reported to be interested in the company include KKR and and Bain Capital as well as private equity-backed company Berry Plastics.
Last year Rexam Sun Capital bought Rexam’s personal and household care packaging business for $459m, while Silgan agreed a $250m deal to buy Rexam’s high-barrier food packaging arm.
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