Brookfield in advanced talks to acquire PGP Glass from Blackstone for up to $1.5 billion
A potential acquisition valued between $1.3 billion and $1.5 billion is in focus for Brookfield Asset Management (NYSE:BAM), with the asset manager in advanced negotiations to buy Indian glass-packaging manufacturer PGP Glass from Blackstone (NYSE:BX), The Economic Times reported Monday, citing multiple people familiar with the matter. The transaction would hand Blackstone an exit from a 2020 investment, and the next confirmable milestone is a definitive agreement between the two parties.
Key takeaways
- Brookfield Asset Management is in advanced talks to acquire Indian glass-packaging maker PGP Glass from Blackstone for between $1.3 billion and $1.5 billion, per The Economic Times.
- Blackstone bought the company, then called Piramal Glass, from Piramal Group for roughly $765 million in 2020 and began exploring exits in early 2024.
- Blackstone pursued a dual-track exit: a sale advised by Jefferies and a proposed India IPO expected to raise $400 million to $500 million.
- In fiscal 2025, specialty food and beverage made up 41% of PGP Glass revenue and cosmetics and perfumery accounted for 37.5%.
- This is Brookfield's second attempt, having competed with Platinum Equity in a 2024 sale process that ended without a deal before re-engaging as the current lead bidder.
A potential acquisition valued between $1.3 billion and $1.5 billion is in focus for Brookfield Asset Management (NYSE:BAM), with the asset manager in advanced negotiations to buy Indian glass-packaging manufacturer PGP Glass from Blackstone (NYSE:BX), The Economic Times reported Monday, citing multiple people familiar with the matter. The transaction would hand Blackstone an exit from a 2020 investment, and the next confirmable milestone is a definitive agreement between the two parties.
Blackstone acquired PGP Glass, then called Piramal Glass, from Piramal Group for roughly $765 million in 2020. The firm began exploring exit options in early 2024. That process ran on two tracks: a potential sale, for which Jefferies was retained, and an IPO in India, for which Axis Capital, Bank of America, and HSBC were appointed in February as lead bankers on a proposed offering ET reported was expected to raise between $400 million and $500 million. A signed deal with Brookfield, if completed, would close the IPO track.
The manufacturing profile
PGP Glass designs, manufactures, and decorates glass packaging for customers in cosmetics and perfumery, specialty food and beverage, and pharmaceutical markets. In fiscal 2025, specialty food and beverage accounted for 41% of revenue, while cosmetics and perfumery made up 37.5%, according to ET. The company also produces Type I pharmaceutical glass, and earlier industry reports cited by ET identified it as a leading domestic producer in that category, with exports reaching more than 60 countries.
Brookfield's second approach
This is Brookfield's second pass at PGP Glass. The Canadian asset manager competed with Platinum Equity for the business during a 2024 sale process, but those discussions ended without a deal. ET reports that Brookfield has since re-engaged and now holds the lead position in negotiations. For Blackstone, the sale would monetize an asset from an earlier Asia-focused fund, a process running alongside a newer fundraise: Blackstone Capital Partners Asia III closed at $13.1 billion in June, per information cited by ET. What to watch is a definitive agreement, or a formal decision to revive the IPO process.
Related reading
Filed by the newsroom of MarketPR on September 16, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.