Brookfield Negotiates Acquisition of PGP Glass from Blackstone for Up to $1.5 Billion
Brookfield Asset Management is in advanced talks with Blackstone to acquire Indian glass-packaging company PGP Glass for between $1.3 billion and $1.5 billion, according to The Economic Times. This potential deal would allow Blackstone an exit from its investment since acquiring the firm in 2020 for approximately $765 million. Blackstone had previously considered taking PGP Glass public this year but has now shifted focus toward a sale process after appointing Jefferies and other banks to explore options. Brookfield was also involved in earlier negotiations with Platinum Equity, though no agreement materialized at the time. The company serves diverse markets including cosmetics, pharmaceuticals, food, and beverages. PGP Glass is one of India's leading producers of Type I pharmaceutical glass and exports its products globally. Blackstone’s exit aligns with broader efforts to monetize investments from an earlier Asia-focused private-equity fund.
