The two parties are to consult with the works council at Glas Moerdijk and Rexam's existing Dutch glass plant in Dongen before the transaction can be carried out.
Heineken is a major customer of a number of Rexam beverage can operations and the acquisition of Moerdijk will strengthen Rexam's position as a key supplier to the company.
Rexam claim that the deal will give the company further opportunities for performance enhancement.
"The acquisition of Moerdijk will strengthen Rexam's position in glass production in Northern Europe, create opportunities for operational improvement and reinforce our long term relationship with Heiniken, one of Rexam's main beverage customers," said Rolf Borjesson, Rexam's chief executive.
Rexam is the leading European glass packaging manufacturer. This new acquisition will mean that the company now has 13 glass works located in Northern Europe.