Amcor and Berry Global have entered into a definitive merger agreement, pursuant to which Amcor and Berry will combine in an all-stock 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 percent and 37 percent of the combined company, respectively.
The move creates a global product offering in flexibles, containers and closures by combining Amcor’s global flexibles and regional containers businesses with Berry’s regional flexibles and global containers and closures businesses. It also optimizes footprint by servicing customers in more than 140 countries through approximately 400 production facilities, bringing global capabilities to local customers and providing local access and expertise to global brands. There is a combined revenues of $24 billion and adjusted EBITDA of $4.3 billion, including run-rate synergies.
The global head office will remain in Zurich, Switzerland, but the combined company expects to maintain a significant presence in Evansville, Indiana. Upon completion of the transaction, Amcor’s Board of Directors will expand to 11 directors, four of whom will be nominated by Berry.
