ZURICH – Amcor PLC announced on Nov. 19 that it would buy fellow packaging company Berry Global Group in an all-stock transaction. Multiple reports including Reuters stated the deal would be worth $8.4 billion.

Shareholders of Berry expect to receive $73.59 per share and receive unanimous approval from the board of directors. 

“This combination delivers on our strategy to accelerate growth by putting the customer first, elevating the role of sustainability and orienting the portfolio toward faster growing, higher margin categories,” said Peter Konieczny, chief executive officer of Amcor. “We will have a more complete and more sustainable product offering, supported by stronger innovation capabilities, global scale and supply chain flexibility. We will help global and local customers grow faster and operate more efficiently with a team of exceptional talent.”

Konieczny will serve as the CEO of the combined company.

According to Amcor’s information, the combined financial portfolio for the two companies would be $24 billion in revenue. Adjusted earnings will be at around $4.3 billion.

Amcor and Berry offer consumer packaging items, containers and closures business, and health care packaging products. The combined company footprint will include customers in more than 140 countries.

“Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio,” said Kevin Kwilinski, CEO for Berry. “Our combination with Amcor is a logical next step in our company’s evolution, and it is a testament to our entire team that we’re well positioned to build on this momentum and deliver even more value to our shareholders. We expect to better serve customers through a comprehensive and innovative consumer packaging portfolio and a complementary geographic coverage.” 

Amcor will maintain its primary listing on the NYSE and a secondary listing on the ASX, with its global head office in Zurich, Switzerland. The combined company expects to maintain a significant presence in Evansville, Ind.

Closing for the deal is expected to be during the middle of 2025.