MarketPR
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.
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