Blackstone-backed EPL, a global leader in flexible packaging solutions, and Indovida India, a rigid PET packaging maker, backed by Indorama Ventures, on Sunday signed definitive agreements for a merger.
The combined platform will have a valuation of $2 billion, with EPL being valued at $1.2 billion (70% higher than its Friday’s closing price) and Indovida being valued at $0.7 billion. Indorama Ventures will have a 51.8% stake in the merged entity. The revenue of the merged company will be $1 billion.
The merger was approved by the Board of Directors of the respective companies on Sunday and is subject to regulatory and shareholders’ approvals, the firms said.
The merger will establish a stronger platform by combining the packaging portfolio and capabilities of the two firms, expanding global access, and enhancing the addressable market size, growth potential and financial metrics.
The transaction aligns with Indorama Ventures’ long‑term strategy to expand and deepen its presence in India, leveraging the country’s structural growth opportunity in packaging.
In May 2025, Indorama Ventures had made a financial investment of 24.9% in EPL.
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 expected to close in the next 12 months. 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 has been recommended via a joint valuation report by independent registered valuers (BDO and Duff & Phelps), and EY has provided fairness opinion on the swap ratio.