The Berger Paints India Ltd on Tuesday, 29 April announced that it has inked a deal to buy out Poland-based Bolix S A (Bolix) for $38 million. Bolix happens to be a foremost supplier of external insulation finishing system and it has been acquired by Berger Paints in an all-share deal from Advent International, a global private equity group.  

 

Berger announced that the takeover will take place via a fully-owned subsidiary and will be executed at an expected net purchase price of around $38.6mn. The company looks forwards to seeking clearance from Polish Anti-Monopoly Office to meet the acquisition formalities. Ernst and Young Private Ltd, India, was the financial advisor to Berger in this business deal.