June 24 (Reuters) - Sonoco Products ( SON ) said on

Monday it would buy European food cans maker Eviosys from

private equity group KPS Capital Partners in a $3.9 billion

deal, to expand its metal and aerosol packaging business.

The U.S. packaging firm expects to achieve more than $100

million in synergies from the integration of Eviosys with

Sonoco's complementary metal can business.

The deal, expected to close by end-2024 subject to certain

conditions, will immediately add to Sonoco's adjusted earnings

per share (EPS) and result in a more than 25% increase to its

2025 adjusted EPS.

The company intends to finance the deal with new debt and

proceeds from an equity issuance of up to $500 million.

KPS Capital Partners said in a statement Sonoco has the

option, under certain circumstances, to pay up to $200 million

of the purchase consideration with its stock.

Eviosys CEO Tomas Lopez will remain with Sonoco and lead the

company's Europe, Middle East, and Africa (EMEA) metal packaging

business.

Sonoco said the acquisition advances its portfolio

transformation strategy that also featured the divestiture of

ThermoSafe, its temperature-assured packaging unit, and other

businesses.

It expects total proceeds of at least $1 billion from

divestitures in the next 12 to 18 months.

(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by

Nivedita Bhattacharjee and Devika Syamnath)