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.
