blackstone to buy essel propack for up to rs 3,211 crore - earphone offer price
Blackstone has reached a final agreement with Ashok Goel trust holdings, as well as subsidiaries, about 57% of Essel PropackBlackstone is a 51% stake in the acquisition of the company (EPL)
By investing up to Rs 3,211, or $0. 46 billion, it has become the world's largest manufacturer of pressure pipes.
The majority stake in the global professional packaging company will be private equity (PE)
Essel Propack said in a statement that funds managed by Global M & A giants.
Blackstone has reached a final agreement with Ashok Goel Trust, which holds approximately 57% of Essel Propack shares with affiliates.
PE major will pay Rs 134 per share for 51% of the shares, which will also trigger a mandatory public offer to purchase another 26% shares of the packaging company.
The public offer has been set at RS 139.
$19 per share, based on this (open offer)
The total amount of transactions will change between Rs 2,157 and RS 3,211.
Ashok Goel, EPL chairman and general manager, said today that Essel Propack is a partner to lead global customers across sectors and geographies by focusing on innovation, sustainability and agility.
He said: "As we embark on the next growth track, Blackstone has a deep expertise in the global packaging field, a senior team of experienced professionals, and a good position in creating value
According to the company, sales are expected to be completed in the coming months according to the customary conditions of transaction and approval, and ashok Goel Trust will continue to hold a minority stake in the packaging company.
Amit Dixit, senior managing director of Blackstone Group and head of private equity in India, said EPL has been in business for ten years --
Long-term relationships with well-known customers around the world, as well as a record of product innovation.
"Taking advantage of the current industry's shift to a layer pressure tube and the EPL's leadership in the field of oral care, our plan is to accelerate rapid growth
Terminal categories such as beauty, cosmetics and medicines are growing.
EPL is a leader in emerging markets
"This will benefit from a variety of consumer growth," Dixit said . " He added that the investment was made after Blackstone's long-term investment.
Firm Belief and record in businessto-business-to-customer (B2B2C)sector.
As at December 31, 2018, EPL recorded an income of Rs 2,642 and recorded approximately 10% years-on-
Growth was about 2% year on year.
Growing business in emerging markets, as well as further penetration in the fast-growing beauty, cosmetics and pharmaceutical sectors, is expected to accelerate growth.
Founded in 1982, Essel Propack is engaged in the manufacture of layer pressure pipes.
The company has 20 manufacturing plants in 10 countries, employs more than 3,158 people and produces 7 billion tubes a year.
Its customers include well-known global brands in the oral care, beauty, cosmetics and pharmaceutical industries.