Amcor (AMCR) M&A Announcement summary

Deal rationale and strategic fit

• Creates a global leader in consumer and healthcare packaging with highly complementary portfolios, minimal overlap, and expanded product offerings.

• Strengthens positions in high-growth, high-margin categories such as healthcare, protein, beauty, liquids, pet food, and food service.

• Accelerates development of sustainable packaging solutions, with $180 million annual R&D spend, 10 innovation centers, and 1,500 R&D professionals.

• Enhances ability to serve over 20,000 customers in 140+ countries, leveraging a combined workforce of 70,000 across 400 facilities.

• Focuses on supply chain resilience, innovation, and proactive portfolio management in attractive growth and margin opportunities.

Financial terms and conditions

• All-stock transaction with Berry shareholders receiving 7.25 Amcor shares per Berry share; Amcor and Berry shareholders will own approximately 63% and 37% of the combined company, respectively.

• Combined revenues exceed $24 billion, with $4.3 billion in adjusted EBITDA and EBITDA margins of 18% (including synergies).

• Transaction values Berry's common stock at $73.59 per share.

• Amcor to maintain primary NYSE and secondary ASX listings; global head office in Zurich, significant U.S. presence.

• Amcor entered a $3 billion bridge commitment to refinance part of Berry's debt and will assume the remainder at close; expected net leverage of 3.3x at close, with a path to de-lever below 3.0x within the first full year.

Synergies and expected cost savings

• $650 million in annual synergies by year three, including $530 million from cost savings and $60 million from growth synergies.

• $280 million in one-time cash benefits from working capital efficiencies, offsetting expected pre-tax integration costs.

• Over 35% adjusted cash EPS accretion and double-digit ROI expected after three years.

• Additional $100–$150 million in cost savings from Lean Transformation and digital initiatives are separate from identified synergies.

• $60 million in annual run-rate financial savings.