Brookfield in Advanced Talks to Buy PGP Glass From Blackstone for Up to $1.5 Billion

M&A · Partnership
โดย The Economic Times·IN·Read original
Summary · why it matters

Brookfield is in advanced negotiations to acquire Indian glass-packaging company PGP Glass from Blackstone for between $1.3 billion and $1.5 billion, The Economic Times reported, citing multiple people familiar with the matter. The deal would mark an exit for Blackstone, which acquired PGP Glass, formerly known as Piramal Glass, from the Piramal Group for approximately $765 million in 2020 and has been exploring options since early 2024. Blackstone had also been preparing the company for a potential initial public offering in India this year, appointing Axis Capital, Bank of America and HSBC as lead bankers in February for an offering expected to raise between $400 million and $500 million, and separately appointing Jefferies to explore a sale. Brookfield previously competed with Platinum Equity for PGP Glass in a 2024 sale process that ended without an agreement, but has since returned to negotiations. PGP Glass designs, manufactures and decorates glass packaging for the cosmetics and perfumery, pharmaceutical, food and specialty beverage industries, with cosmetics and perfumery accounting for 37.5% of revenue in fiscal 2025 and specialty food and beverage packaging representing 41%.

Impact on stocks 5

Financials▲ · 4 stocks
Artificial Intelligence▲ · 1 stocks
Blackstone Group Inc
BX
▲ PositiveCapitalrelevance

Blackstone would exit PGP Glass at $1.3-1.5 billion versus its ~$765 million 2020 purchase, realizing a large gain.

Off-coverage companies 4

PGP GlassPrivate± Mixed
Capitalrelevance

PGP Glass is the acquisition target, with ownership potentially shifting from Blackstone to Brookfield.

Axis Capital LimitedPrivate± Mixed
relevance

Piramal GroupPrivate± Mixed
relevance

Platinum Equity LLCPrivate± Mixed
relevance

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