Blackstone’s $460 Million Agreement to Acquire a Majority Stake in Essel Propack Ltd


Khaitan & Co advised the promoter of Essel Propack Limited, i.e., Ashok Goel Trust and its affiliates in relation to sale of its controlling stake.

Blackstone has signed an agreement to acquire a majority stake in Essel Propack Ltd, a part of Subash Chandra’s Essel Group, for up to $460 million.

Blackstone will acquire a 51 per cent stake from Ashok Goel Trust and will make a mandatory open offer to buy an additional 26%

Ashok Goel Trust and its affiliates hold about 57 per cent stake in EPL, a specialty packaging company and a laminated tubes manufacturer.

Khaitan & Co advised Ashok Goel Trust with a team including Haigreve Khaitan (Picture), Vineet Shingal, Kaushalya Shetty, Radhika Agarwal, Gautam Suseel, Amulya Sharma, Shreya Dua, Rohan Srivastava, Julie Roy, Srishti Mukherjee (Corporate and DD), Sudhir Bassi, Arindam Ghosh, Tomu Francis and Tanish Gupta (Capital Markets), Anisha Chand and Anmol Awasthi (Antitrust).

Involved fees earner: Sudhir Bassi – Khaitan & Co.; Anisha Chand – Khaitan & Co.; Tomu Francis – Khaitan & Co.; Arindam Ghosh – Khaitan & Co.; Haigreve Khaitan – Khaitan & Co.; Vineet Shingal – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Ashok Goel Trust;

Author: Michael Patrini