Amcor (AMCR) and Berry Global Group (BERY) said Tuesday that they have signed a definitive deal for an all-stock merger transaction.

The merger deal provides Berry shareholders with 7.25 Amcor shares for each Berry share held, valuing each Berry share at $73.59, the companies said.

Amcor shareholders will own 63% of the merged company under the proposed ratio, with Berry shareholders owning the remaining 37% stake, the companies said.

The transaction will result in $650 million in financial synergies by the end of the third year, as well as more than 35% in adjusted cash earnings per share accretion, the companies said.

Amcor and Berry Global said their respective boards had approved the transaction, which is expected to be completed in mid-2025.

Berry Global Group's shares were up more than 4% in recent Tuesday premarket activity.