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EPL Limited, one of the global leaders in flexible packaging solutions backed by Blackstone, and Indovida India Private Limited, one of the leading global rigid PET packaging platforms backed by Indorama Ventures, have today signed definitive agreements for a merger. The merger has been approved by the Board of Directors of the respective companies and is subject to regulatory and shareholders\u2019 approvals.\u00a0<\/p>\n
EPL says the merger will establish a stronger platform by combining the companies\u2019 packaging portfolios and capabilities, expanding global access, and enhancing the addressable market size, growth potential and financial metrics.\u00a0<\/p>\n
The combined platform will have a valuation of ~$2 billion, with EPL being valued at ~$1.2 billion (70% higher than its Friday closing price) and Indovida being valued at ~$0.7 billion.\u00a0<\/p>\n
\u201cThis marks a pivotal step in EPL\u2019s evolution from a single-format flexible packaging leader to a scaled, multi-format packaging platform, purpose-built to serve global and regional customers across high-growth emerging markets,\u201d EPL said.\u00a0<\/p>\n
The transaction aligns with Indorama Ventures\u2019 long term strategy to expand and deepen its presence in India, leveraging the country\u2019s structural growth opportunity through an expanded and integrated packaging platform with acces to public markets. It is consistent with Indorama Ventures\u2019 broader strategy under its IVL 2.0 program of building leading positions in key markets through focused partnerships and value-accretive investments.\u00a0<\/p>\n
Based on the valuation analysis and the swap ratio recommended by the independent valuers, Indorama Ventures will emerge as a promoter of the merged entity, holding a 51.8% stake in the merged entity. In May 2025, Indorama Ventures invested in a 24.9% stake in EPL.\u00a0<\/p>\n
The proposed transaction will be implemented through a scheme of amalgamation, pursuant to which Indovida will merge with EPL, and EPL will continue as the listed entity. The transaction is subject to customary shareholder, regulatory and court approvals. The transaction is expected to close in the next ~12 months.\u00a0<\/p>\n
Goldman Sachs is acting as financial advisor to the transaction. Trilegal is acting as legal counsel to EPL, and Khaitan & Co. and Chandhiok & Mahajan are acting as legal counsels to Indovida. The swap ratio was recommended via a joint valuation report by independent registered valuers (BDO and Duff & Phelps).<\/p>\n<\/div>\n