Amcor to Buy Berry in a $18.23 Billion All-Stock Deal

Switzerland-based Amcor plc (AMCR) entered a merger agreement on November 19, 2024, to acquire its U.S. peer Berry Global Group, Inc. (BERY) in an all-stock deal valued at $18.23 billion, including debt, establishing a company with a robust footprint in the consumer and healthcare packaging sectors.

Deal Structure:

As per the terms of the agreement, 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 transaction values Berry’s common stock at $73.59 per share, representing a premium of 9.75%.

Company Profile:

Berry is a global leader in packaging solutions, serving sectors like consumer goods, healthcare, hygiene, industrial, agriculture, and food service, with a focus on sustainability and innovation.

Amcor is a global leader in developing responsible packaging solutions, offering a wide range of flexible and rigid packaging products for industries such as food, beverage, pharmaceuticals, and personal care. The company focuses on innovative, recyclable, and sustainable packaging across its operations in 40 countries.

Deal Details and Timeline:

Peter Konieczny, the CEO of Amcor, will lead the newly combined company, which is projected to achieve $24 billion in combined revenue and $4.3 billion in adjusted earnings, factoring in synergies.

The transaction is anticipated to be completed by mid-2025. The merged company will operate under the name Amcor Plc, with its primary listing on the NYSE, and its secondary listing on the ASX.

The combined company will keep its Global Head Office in Zurich, Switzerland, while maintaining a significant presence in Evansville, Indiana. Upon completion, Amcor’s board will expand to 11 members, with 4 directors nominated by Berry.

For this acquisition, Amcor is paying 8.42 times EBITDA for Berry Global.

Deal Metrics:

For more information about this merger and acquisition transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Berry Global Group, Inc. (BERY) by Amcor plc (AMCR)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article