Packaging solutions company the Ball Corporation and Rexam PLC announced Thursday the terms of an offer by Ball to acquire Rexam, a leading metal beverage can manufacturer, in a cash and stock transaction valued at $8.4 billion.

According to Ball, the transaction is supported by both companies’ boards of directors.

"The combination of Ball and Rexam creates a global metal beverage packaging supplier capable of leveraging its geographic presence, innovative products and talented employees to better serve customers of all sizes across the globe; while at the same time generating significant shareholder value," said John Hayes, chairman, president and chief executive officer for Ball. 

 According to Ball, the combined company will have pro forma 2014 revenue of approximately $15 billion and approximately 22,500 employees across five continents.