By Colin Kellaher
Amcor has agreed to buy Berry Global Group in a roughly $8.4 billion stock swap that will create a consumer and healthcare packing company with annual revenue of about $24 billion.
Amcor on Tuesday said it will issue 7.25 shares, worth about $73.59 based on Monday's closing price, for each share of Berry, a nearly 10% premium to Monday's closing price of $67.05 for the Evansville, Ind., company.
Amcor said its shareholders will own about 63% of the combined company, which it said will have a more complete product offering in flexibles, containers and closures, while Berry investors will own around 37%.
The deal is slated to close in the middle of 2025.
Berry shares were recently up 7% to $71.73 in premarket trading, while shares of Amcor slipped 0.9% to $10.06.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 19, 2024 06:20 ET (11:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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