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Beauty Industry, Beauty Launches, Mergers and Acquisitions

Blackstone Announces Purchase of Essel Propack

Will acquire 51% as company sells to pay off debt

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By: Jamie Matusow

Editor-in-Chief

Blackstone Group LP has announced an agreement to buy a controlling stake in India-based Essel Propack Ltd.
 
The world’s largest alternative asset manager will acquire 51% of Essel Propack for $310 million from one of the founders, Ashok Goel Trust, Essel Propack. The move will trigger an open offer to buy an additional 26% of the shares, according to a statement.
 
Essel Group owns a wide range of businesses including packaging materials, and is selling assets to repay debt. 

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