KPS Capital Partners, a US private equity fund, is to buy glassware firm Anchor Glass after its owner Ardagh agreed to sell the unit to settle US anti-trust regulators' concerns over a separate deal. 

The deal, announced this week, is expected to close in the second or third quarter of this year subject to approval, KPS said. It includes six manufacturing facilities across the US, a spare parts site in Illinois and a mould manufacturing facility in Ohio.

No financial details have been disclosed, but the Irish Times reported that the deal is understood to be worth around US$500m.

Last week the Federal Trade Commission (FTC) asked Luxembourg-headquartered Ardagh to sell the assets, which Ardagh acquired through its 2012 purchase of Anchor. The move was made to appease anti-trust concerns over Ardagh's US$1.7bn acquisition of fellow glassmaker Saint-Gobain’s US unit, Verallia.

KPS this week described Anchor, which employs 2,000 people, as a “tremendous investment opportunity”. 

“We intend to aggressively grow the Anchor Glass platform both organically and through acquisitions on a global scale,” it said.