Brookfield in talks to buy PGP Glass from Blackstone for up to $1.5 billion

Brookfield is in advanced negotiations to acquire PGP Glass from Blackstone for $1.3 billion to $1.5 billion, marking the first major transaction between the two alternative asset managers in India. A binding agreement is expected within two to three weeks. Blackstone, which acquired the glass packaging company in 2020 for $765 million, is seeking to exit its six-year investment. The company specializes in packaging for cosmetics, spirits, and pharmaceuticals, with operations in India and Sri Lanka and customers in over 50 countries. Blackstone had previously explored an IPO and sought a $2 billion valuation, but rising energy prices amid Middle East conflicts have impacted the business. Brookfield, which has extensive packaging industry experience, had made a formal bid during an earlier sale process that fell through before talks revived.