Blackstone to acquire Essel Propack

24-Apr-19

Blackstone Group will acquire Essel Propack - the world’s largest speciality packaging company for US$310 mln. Blackstone is buying 51% of the promoter stake at Rs 134/share and launching an open offer for an additional 26% of the company at Rs 139/share, said officials aware. If the entire open offer is fully subscribed to, Blackstone will spend $460 million on the deal. Ashok Goel, will retain a 6% stake in the company and stay on in an advisory capacity for the next 5 years. Mr Goel holds about 57% stake in the company through the Ashok Goel Trust and affiliates.

Essel Propack is a leading manufacturer of laminated plastic tubes, extruded laminated plastic tubes, caps & closures and flexible laminates used in packaging of oral care products, cosmetics, food and pharmaceuticals.