M&A · Industrials · Plastics Products, NEC
Amcor plc to acquire Berry Global Group, Inc.
Announced Nov 19, 2024 · Closed Apr 30, 2025
Deal value$8.43BEV $16.62B
Premium—To unaffected price
EV / Adj. EBITDA8.2x1.4x EV / Revenue
ConsiderationAll stock$73.59 per share
Transaction
- Acquirer
- Amcor plc (AMCR)
- Target
- Berry Global Group, Inc. (BERY)
- Buyer type
- Strategic
- Offer price per share
- $73.59
- Enterprise value
- $16.62B
- Status
- Closed Apr 30, 2025
Deal protections
- Break fee (target pays)
- $260M · 3.1%
- Reverse fee (buyer pays)
- $260M · 3.1%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- UBS, Goldman Sachs
- To the target
- Lazard, Wells Fargo
- Lazard fee
- $43.5M
- Wells Fargo fee
- $43.5M
Sector context · Industrials
- Comparable deals
- 86 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- 8.2x vs. 9.6x sector median
- Break fee
- 3.1% vs. 2.7% sector median
Timeline
- AnnouncedNov 19, 2024
- Proxy filedJan 23, 2025
- Definitive proxyJan 23, 2025
- Shareholder voteFeb 25, 2025
- ClosedApr 30, 2025
Valuation · fairness opinions
Trading comparablesLazard$57.10$77.65
Trading comparablesLazard$53.25$74.50
Trading comparablesLazard$63.30$76.90
Discounted cash flowLazard$63.20$84.05
Discounted cash flowLazard$10.20$12.55
Trading comparablesWells Fargo$60.41$74.52
Other analysisWells Fargo$63.30$76.88
Discounted cash flowWells Fargo$64.83$84.65
Discounted cash flowWells Fargo$10.48$13.36
Analyst price targetsWells Fargo$58.75$75.28
Offer $73.59
Implied value per Berry Global Group, Inc. share by analysis, from Lazard and Wells Fargo.