Spanish glassmaker Vidrala has completed the acquisition of the entire share capital of the Portuguese company Santos Barosa Vidros.

Santos Barosa manufactures and sells glass containers through a major production facility located in Marinha Grande, Portugal.

The company produces more than 400,000 tons of glass per year and obtained an operating result, EBITDA last 12 months at September 2017, of €32.8 million, equivalent to a margin of 25.1% over sales.

The deal, completed in an all-cash transaction, implies an enterprise value of €252.7 million.

The resulting leverage ratio of the Vidrala Group, following the financing issued to fund the transaction, is preserved at 2.3 times last 12 months proforma EBITDA.

In a statement it said: “Vidrala’s board of directors and its management team have long admired Santos Barosa’s business, founded on outstanding manufacturing facilities and strong commercial relationships in the attractive Iberian glass packaging market.

"Adding this complementary business to our footprint will result in compelling benefits to customers, employees and shareholders.”