THE WHAT? Blackstone private equity group is set to acquire Piramal Glass packaging company, part of Piramal Group, in a deal worth $1 billion, according to a report by livemint.com.
THE DETAILS According to an agreement signed between the parties, Blackstone will make the purchase in two parts, acquiring the company for an initial $850 million then paying another $150 million when Piramal Glass achieves agreed milestones.
THE WHY? As the cosmetics industry shifts its focus to a more sustainable packaging model, the acquisition of a glass packaging manufacturer will stand Blackstone in good stead to profit from the increased environmental awareness in the market.
Blackstone will also be able to access Piramal’s large client list, which includes beauty giants such as Coty and L’Oréal.