Blackstone has appointed Morgan Stanley to advise on the sale of its controlling curiosity in EPL, a speciality packaging firm, Moneycontrol reported, citing three folks acquainted with the matter.
The non-public fairness firm holds a majority stake of 51.47% within the listed entity, previously generally known as Essel Propack.
This transfer comes as Blackstone goals to divest its mature funding, which it acquired in 2019.
A supply acquainted with the matter acknowledged: “Morgan Stanley has been taken onboard not too long ago because the sell-side advisor. The sale course of hasn’t been launched but, however the goal is to discover a appropriate purchaser by March 2025.
“That is meant to be a full stake sale and never a partial one and Blackstone is anticipating a big premium by way of valuation.”
In September 2020, Blackstone’s 23% stake in Essel Propack was divested via a block deal, elevating roughly Rs18.5bn ($252m).
Whereas block offers are a typical technique for personal fairness exits, Blackstone is reportedly not contemplating this feature for its present divestiture.
“Blackstone will not be wanting on the block deal possibility this time and is eager on an entire exit at one go by way of the M&A [mergers and acquisition] route,” a 3rd individual with data of the proceedings commented.
Beforehand, Morgan Stanley served because the monetary advisor to the sellers when Blackstone initially acquired Essel Propack.
The non-public fairness fund had outbid rivals, together with French firm Albéa, and Indorama, for the asset.
“Blackstone appoints Morgan Stanley to promote stake in packaging firm EPL” was initially created and revealed by Packaging Gateway, a GlobalData owned model.
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