Bain Capital Joins Bidding Race to Acquire Piramal Glass
Global private equity Bain Capital has joined the race to acquire a controlling stake in Ajay Piramal-promoted Piramal Glass Private Limited (PGPL. Bain Capital's offer is higher than rival Blackstone’s group binding bid which has offered close to $790 million for the company. Piramal group is seeking a valuation of around $1 billion in enterprise value." In addition to Blackstone and Bian, there are two more bidders in the race. The transaction, when its goes through, will mark another stake divestment by Piramal group which is looking to shore up the capital base of its real estate, pharma and financial services businesses through stake sales in non-core businesses. PGPL is a leading player in the global glass packaging industry and has seven subsidiaries, of which two--Piramal Glass Ceylon PLC and Piramal Glass USA Inc--have manufacturing units in Sri Lanka and the US, respectively. PGPL has five manufacturing units, two each in India and the US, and one in Sri Lanka, with a total production capacity of 1,410 tonnes per day as on March 31, 2019.
Tags : ALLIED Private Equity Transaction Piramal Glass Valuation Bidder Stake Bain Capital