Blackstone (NYSE:BX) today announced that private equity funds managed by Blackstone have entered into a definitive agreement with Indorama Netherlands, B.V. (INBV or Investor), a group entity of Indorama Ventures Public Company (IVL) to sell a minority stake in EPL, a leading global specialty packaging company and the largest global manufacturer of laminated tubes.

Pursuant to the definitive agreements, INBV will acquire a minority stake of ~24.9% of EPL from Blackstone at a purchase price of Rs 240 per share. The sale is expected to be completed in the coming months, subject to customary closing conditions and approvals.

At completion, IVL, in its capacity as a financial investor, will be entitled to appoint one nominee director to the board of EPL.