EPL Ltd — earnings calls

EPL Limited announced a share-swap merger with Indovida, a rigid-packaging subsidiary of Indorama Ventures, to create a combined entity with revenue of about INR8,300 crores and EBITDA of approximately INR1,750 crores. Management said the deal values EPL at INR339 per share, a roughly 70% premium to the prior closing price, with Indorama Ventures becoming a 51.8% promoter and Blackstone retaining 16.6% as a joint promoter. Management also discussed identified synergies of $35 million to $50 million annually, a reduction in the combined debt-to-EBITDA ratio to 0.25, and detailed the geographic and product rationale for the transaction.