Brookfield in Talks to Acquire PGP Glass From Blackstone for Up to $1.5 Billion, ET Reports

Brookfield in Talks to Acquire PGP Glass From Blackstone for Up to $1.5 Billion, ET Reports

Mon, September 14, 2026 at 1:16 PM GMT+3 2 min read

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Brookfield (NYSE:BAM) is in advanced negotiations to acquire Indian glass-packaging company PGP Glass from Blackstone (NYSE:BX) for between $1.3 billion and $1.5 billion, The Economic Times reported on Monday, citing multiple people familiar with the matter.

The potential transaction would provide Blackstone with an exit from an investment it has held since 2020, according to the report.

Blackstone acquired PGP Glass, formerly known as Piramal Glass, from the Piramal Group for approximately $765 million in 2020. The private-equity firm has been exploring options for an exit since early 2024, ET reported.

Blackstone Had Considered PGP Glass IPO

Blackstone had also been preparing PGP Glass for a potential initial public offering in India this year.

In February, the firm appointed Axis Capital, Bank of America and HSBC as lead bankers for a proposed offering expected to raise between $400 million and $500 million, according to ET.

Blackstone also appointed Jefferies to explore a potential sale of the company, providing an alternative route for exiting the investment.

Brookfield previously participated in a sale process for PGP Glass in 2024, when it competed with Platinum Equity for the business. Those discussions ended without an agreement, but Brookfield has subsequently returned to negotiations, according to the report.

PGP Glass Serves Cosmetics, Pharmaceutical and Food Markets

PGP Glass designs, manufactures and decorates glass packaging for customers in the cosmetics and perfumery, pharmaceutical, food and specialty beverage industries.

Its cosmetics and perfumery operations accounted for 37.5% of revenue in fiscal 2025, while specialty food and beverage packaging represented 41%, according to ET.

The company also operates in pharmaceutical glass. Earlier industry reports cited by ET identified PGP Glass as a leading domestic producer of Type I pharmaceutical glass, with exports to more than 60 countries.

The potential transaction comes as Blackstone seeks to monetise investments from an earlier Asia-focused private-equity fund. Blackstone Capital Partners Asia III raised $13.1 billion in June, according to information cited by ET.

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