Brookfield negotiates up to $1.5 bn purchase of PGP Glass from Blackstone

Brookfield is in advanced negotiations to purchase PGP Glass from Blackstone for up to $1.5 billion, with a binding agreement anticipated within two to three weeks. Blackstone acquired the company in 2020 for $765 million and has been seeking a buyer since early 2024, previously arranging a $400-$500 million IPO with Axis Capital, Bank of America and HSBC as lead bankers. Earlier attempts targeted a $2 billion valuation, but recent energy-price spikes tied to the Iran-US war have lowered expectations, although Blackstone reports a 20 percent profit increase for FY26.

PGP Glass, originally Gujarat Gas Ltd and later Piramal Glass, runs 12 furnaces and 70 production lines with a capacity of 1,720 tonnes per day, serving customers in over 50 countries and deriving most revenue from high-end cosmetics and specialty spirits. Brookfield’s private-equity division, known for packaging and industrial turnarounds—including recent deals for Fosber and stakes in Schoeller Allibert—views the acquisition as a strategic fit to expand its sustainable packaging portfolio.