India-listed EPL has agreed to merge with Indovida, a packaging and plastics business backed by Indorama Ventures, in a transaction valuing the combined group at approximately $2bn, according to a report by Reuters.
The deal will bring together EPL’s global packaging operations with Indovida’s plastics portfolio. Under the terms of the transaction, EPL is valued at around $1.2bn, implying a price of INR339 per share, while Indovida is valued at approximately $700m.
Following completion, Indorama Ventures will become a co-promoter with a 51.8% stake in the combined entity. Blackstone, which backs EPL, will hold around 16.6%. EPL Chief Executive Hemant Bakshi will lead the combined group as CEO, while Indovida CEO Sunil Marwah will continue to oversee the Indovida business.
The transaction is subject to regulatory, shareholder and court approvals, and is expected to close within 12 months.
