Australian packaging company Amcor Ltd. is acquiring Bemis Co. Inc. BMS, -1.01% in an all-stock deal valued at $6.8 billion, the companies said in a joint statement Monday. Amcor will pay 5.1 shares for each Bemis share, giving Amcor about 71% of the combined company. The price is equal to a 25% premium over Bemis' closing price as of Aug. 2. "Amcor identified flexible packaging in the Americas as a key growth priority and this transaction delivers a step change in that region," Chief Executive Ron Delia said in the statement. The combined entity is expected to have revenue of about $13 billion and to boost proforma EPS by a double-digit amount. Amcor will have its primary listing on the New York Stock Exchange with an estimated market cap of $17 billion. The deal is expected to close in the first quarter of 2019. Bemis shares fell 1.2% premarket but have gained 8% in 2018, while the S&P 500 SPX, +0.37% has gained 6%.
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