Packaging giant Amcor plc agreed to buy peer Berry Global in an all-stock deal. The transaction is worth an estimated US$8.4 billion, based on a price of US$73.59 per share for Berry’s common stock.

Transaction losing is targeted in the middle of calendar year 2025. A consumer and healthcare packaging super giant with combined revenue of US24 billion will then be created.

As part of the transaction, Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively.

The combination brings together two highly complementary businesses to create a global leader in consumer packaging solutions, with a broader flexible film and converted film offering for customers, a scaled containers and closures business and a unique global healthcare portfolio.

Amcor agreed to buy Berry Global in an all-stock deal thay is worth an estimated US$8.4 billion.

Compelling benefits at a glance

∎ Optimizes footprint servicing customers in 140+ countries through ~400 production facilities

∎ Establishes technology driven innovation leader with combined R&D investment of US$180 million per annum, ~1,500 R&D professionals, 10 innovation centers worldwide and 7,000+ patents, registered designs, and trademarks

∎ Combined revenues of US$24 billion and adjusted EBITDA of US$4.3 billion, including run-rate synergies

∎ Combined revenue growth above market, accelerating by at least 1%

∎ US$650 million benefit from identified cost, growth and financial synergies by end of third year

Board, management, and head office

Amcor will maintain its primary listing on the NYSE and its secondary listing on the ASX. The combined entity will be named Amcor plc.

Peter Konieczny (CEO, Amcor) will serve as Chief Executive Officer, Graeme Liebelt (Independent Non-Executive Director and Chairman, Amcor) will serve as Chairman, and Stephen Sterrett (Chairman of the Board, Berry Global) will serve as Deputy Chairman of the combined company.

Global Head Office will remain in Zurich, Switzerland. The combined company expects to maintain a significant presence in Evansville, Indiana, United States.