Blackstone set to buy Piramal Glass for $1 billion
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Blackstone will make an upfront payment of $850 million and take over the ownership and management of Piramal Glass. (Photo: Company website)
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The deal will allow Blackstone to gain from the global shift towards recyclable glass bottles
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Private equity giant Blackstone has agreed to acquire Piramal Glass, the glass packaging business of the diversified Piramal Group, at an enterprise value of $1 billion, said three people with direct knowledge of the deal.
Blackstone will execute the deal in two tranches, as part of the agreement signed between the two parties on Thursday evening, said one of the three persons mentioned above. The New York-based PE firm will first pay $850 million and assume ownership and management control of Piramal Glass. The remaining $150 million will be paid after Piramal Glass achieves certain business milestones.