Amcor (ASX:AMC) will merge with rival plastics packaging company Berry Global via an all-stock deal, the companies said in a joint statement Tuesday.

Berry shareholders will receive about 7.3 Amcor shares for each Berry share held upon closing, valuing Berry's common stock at $73.59 per share, the companies said. Amcor and Berry will own 63% and 37% of the combined company, respectively.

The merger is expected to deliver combined revenue of $24 billion and adjusted earnings before interest, taxes, depreciation, and amortization of $4.3 billion, according to the statement. It is also expected to be accretive to adjusted cash earnings per share by over 35%.

The transaction is expected to close in mid-2025, subject to shareholder approvals, regulatory approvals, and other customary closing conditions.