Blackstone to buy Piramal Glass for $1 billion
December 11, 2020
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Blackstone has acquired Piramal Group’s Piramal Glass for $1 billion. The private equity firm will pay $850 million upfront and the balance $150 million on achieving certain milestones over the next two years.
Talks had been going on with multiple players since July, but Piramal was looking for a deal that values the company close to $1 billion. Global private equity firm Bain Capital had also expressed interest in acquiring the company, but its bid was for around $800 million.
Piramal Glass Pvt Ltd is a specialist in the design, production and decoration of glass packaging for pharmaceuticals, cosmetics and perfumery, and specialty food and beverage. It is a major supplier to companies including Coty, L Oreal and Diageo.