Blackstone-Backed EPL to Merge With Indorama Unit in $2 Billion Packaging Deal
The merger brings together EPL’s flexible packaging business and Indovida’s rigid PET portfolio to build a larger emerging-markets packaging platform.
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Blackstone-backed EPL, a maker of laminated plastic tubes for the FMCG and pharmaceutical sectors, will merge with Indovida India, the rigid PET packaging business owned by Thailand’s Indorama Ventures, in a deal that values the combined company at about $2 billion, the companies said.
The companies expect the merged business to generate roughly $1 billion in annual revenue, creating one of the larger emerging-market packaging platforms.
Under the definitive agreements, EPL is valued at about $1.2 billion, implying a price of ₹339 a share, while Indovida India is valued at about $700 million. EPL said the implied price is about 70% above its 27 March closing price.
The boards of both companies have approved the merger. The deal remains subject to shareholder, creditor, regulatory and court approvals, with EPL continuing as the listed entity after the amalgamation.
After the merger, Indorama Ventures will become a promoter of the combined company with a 51.8% stake, while Blackstone will hold about 16.6%.
Hemant Bakshi, EPL’s Managing Director and Global Chief Executive, will lead the merged entity, while Indovida Chief Executive Officer Sunil Marwah will continue to run the Indovida business and report to Bakshi.
“This merger represents a defining moment in EPL’s journey,” Bakshi said.
The transaction will combine EPL’s flexible packaging business with Indovida’s rigid PET portfolio, broadening the offering across tubes, bottles, preforms and closures.
“Combining Indovida with EPL is the logical next step,” Aloke Lohia of Indorama Ventures said.
The companies said the merger is aimed at building scale across emerging markets, improving margins and returns, and using EPL’s listed platform to deepen access to capital.
