Orora (ASX:ORA) said on Wednesday that will carry out an on-market share buyback program to acquire up to 10% of its shares on issue, starting Dec. 24, according to a same-day filing with the Australian bourse.

The program will run for 12 months, with the company proposing to buy back about 134.3 million shares for about AU$320 million, the filing said.

The acquisition of the shares is dependent on the completion of the sale of its North American packaging solutions business to US-based Veritiv and its parent company Clayton, Dubilier & Rice, which is expected to occur in December.

In a separate filing, Orora said Veritiv and its parent company have completed all necessary regulatory approvals required to start the acquisition.