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Will acquire 51% as company sells to pay off debt
April 23, 2019
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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