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Berger acquires Polish Co for $38 mn

Berger Paints India Ltd on Tuesday said it has signed an agreement to acquire Poland-based Bolix S A (Bolix) for 38 million dollars.

Berger Paints will acquire Bolix, a leading provider of external insulation finishing system, in an all-share deal from Advent International, a global private equity group.

The acquisition will be carried out at an estimated net purchase price of around 38.6 million dollars, the company said.

The buyout will be made through a wholly-owned subsidiary of Berger Paints India Ltd in Cyprus.

The company will seek clearance from Polish Anti-Monopoly Office to fulfill the acquisition formalities.

Ernst and Young Private Ltd, India, was the financial advisor to Berger on the transaction.

Source: Economic Times

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