Brookfield Nears $1.5 Billion Bet on PGP Glass
What Happened
Brookfield is in advanced talks to acquire PGP Glass from Blackstone in a deal valued between $1.3 billion and $1.5 billion. A binding agreement is reportedly expected within the next few weeks. Blackstone acquired the company, formerly Piramal Glass, from Ajay Piramal in 2020 for about $765 million and has been exploring an exit through either a sale or IPO.
Key Takeaways
If completed, the transaction would mark one of the largest private-equity exits in India’s packaging sector and a major deal between two of the world's biggest alternative asset managers. It would also give Brookfield control of a leading glass-packaging manufacturer serving cosmetics, spirits, food, and pharmaceutical industries globally.