Blackstone to Acquire a Majority Stake in Essel Propack
04.25.19
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Simpson Thacher is representing Blackstone in its proposed acquisition of a majority stake in Essel Propack Limited, a leading global specialty packaging company and the largest global manufacturer of laminated tubes, which is listed in India. Blackstone has agreed to acquire a 51% equity stake from the Ashok Goel Trust, which triggers a mandatory open offer under the Indian takeover code for the purchase of an additional equity stake of up to 26%. Depending on the open offer subscription, the total purchase consideration (USD equivalent) will be between approximately $310 million and $462 million. Mr. Ashok Goel will retain a minority stake in Essel Propack. The closing under the acquisition agreement is subject to completion of the mandatory open offer and customary closing conditions and approvals.
Through its 20 facilities across 10 countries, Essel Propack manufactures 7 billion tubes annually for clientele which includes marquee brands in the oral care, beauty, cosmetic and pharmaceutical industries.
The Simpson Thacher team includes Ian Ho, Sandra Kister, Sonya Ho, Chen Zhang and Heesu Kim (M&A); Adeeb Fadil and Noreen Lavan (Environment); Greg Grogan and Ashlie Lawton (Employee Compensation and Benefits); and Marcela Robledo (Intellectual Property).