Blackstone to Buy Piramal Glass For $1 Billion
Private equity major Blackstone has signed a deal to acquire Piramal Group’s Piramal Glass for around $1 billion. The deal contour includes an upfront payment of $850 million while Piramal Group will get approximately $150 million on achieving certain milestones, to be paid over 2 years. This will be the second billion-dollar deal by Piramal Group this year to capitalize the group which has a large NBFC arm. Earlier in the year, the group had sold US-based DRG for around a billion dollars. Piramal has taken many steps to raise funds via a rights issue, CDPQ investments, and sale of a minority stake in Piramal Pharma to Carlyle. Piramal Glass makes container glass packaging with a capacity of 1,475 tons per day. It has factories in the USA, India, and Sri Lanka. The group has raised Rs 18,000 crore funds since July 2019. Blackstone has a market value of $40 billion of assets in India, making it to the top 10 business groups in India. Blackstone has invested over $15 billion across Private Equity ($6.9 bn), Real Estate ($7.8 bn), and Tactical Opportunities ($400 mm). In 2019-20, Blackstone in India invested $6 billion across Private Equity ($2.5 bn), Real Estate ($3.2 bn) and Tactical Opportunities ($300 mm). Blackstone’s recent transactions include a partial exit from Essel Propack.
Tags : ALLIED Piramal Group Blackstone Piramal Glass Aquisition