Brambles Ltd. on May 31 completed the sale of its IFCO reusable plastic containers business to private equity firm Triton and Luxinva, a subsidiary of the Abu Dhabi Investment Authority, for an enterprise value of $2.51 billion.

Brambles intends to return up to $1.95 billion of proceeds from the sale to shareholders through a pro rata cash return of about $300 million and a share buyback of up to $1.65 billion. The company will use the remaining proceeds to repay debt to maintain leverage.

The company intends to begin the on-market share buyback in the beginning of June and will pause during a blackout period from June 23 to Aug. 21, when its results for the 2019 fiscal year are announced. Shareholders are expected to receive the cash return in October, subject to approval by the Australian Taxation Office and by investors at the company's annual general meeting.