Packaging firm Amcor to buy Berry for $8.43 billion from

Amcor to Acquire Berry Global in $8.43 Billion Deal

Transaction to Create Global Leader in Sustainable Packaging

Deal Highlights

Melbourne, Australia - Amcor plc, a global leader in responsible packaging solutions, today announced that it has entered into a definitive agreement to acquire Berry Global Group, Inc. (NYSE: BERY), a world leader in non-woven materials and specialty plastics, for $8.43 billion in cash. The acquisition, which is expected to close in the first half of calendar year 2023, will create a global leader in sustainable packaging with a broad portfolio of products and services across a diverse range of end markets. Under the terms of the agreement, Amcor will acquire all of the outstanding shares of Berry for $84.50 per share in cash, representing a premium of approximately 28% to Berry's closing share price on September 12, 2022. The transaction has been unanimously approved by the boards of directors of both companies. The acquisition is expected to be immediately accretive to Amcor's earnings per share and to generate significant cost synergies. Amcor expects to achieve cost synergies of approximately $180 million within three years of closing the transaction. Amcor CEO Ron Delia said: "This acquisition is a transformative opportunity for Amcor to create a global leader in sustainable packaging. Berry is a world leader in non-woven materials and specialty plastics, with a strong portfolio of innovative products and a commitment to sustainability that aligns with our own. Together, we will be able to offer our customers an even broader range of sustainable packaging solutions, from lightweight and recyclable packaging to high-performance materials. "The acquisition will also enhance our geographic reach and customer base, particularly in the Americas and Europe. We are excited about the potential to combine our complementary capabilities and create a truly global packaging powerhouse." Berry CEO Tom Salmon said: "Today's announcement is a testament to the hard work and dedication of our employees around the world. Together with Amcor, we will create a company that is even better positioned to meet the needs of our customers and deliver sustainable packaging solutions for the future. "We are confident that this transaction will benefit all of our stakeholders, including our employees, customers, and shareholders." Amcor is being advised by Goldman Sachs & Co. LLC as financial advisor and King & Spalding LLP as legal counsel. Berry is being advised by J.P. Morgan Securities LLC as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.