Asia-centric private equity powerhouse PAG has finalized a deal to acquire a controlling stake in Manjushree Technopak, a leading packaging solutions provider, according to industry insiders. The transaction values the entire company at an estimated $850 million to $950 million. 

 Abandonment of IPO Plans  
The US-based Advent International, which currently promotes Manjushree Technopak, has shelved its earlier plan to launch an initial public offering (IPO) for the firm. Although the Securities and Exchange Board of India (SEBI) granted approval on November 12 for the proposed ₹3,000 crore public listing, Advent has opted for PAG’s buyout offer instead.

 Dual-Track Strategy Results in Strategic Sale  
Earlier reports suggested that Advent was considering a dual-track process, weighing the IPO option against a potential strategic sale. On November 8, Moneycontrol reported that PAG had entered advanced negotiations and emerged as the leading contender to acquire a significant stake in the company.

 PAG's Largest Deal in India Post-Nuvama Acquisition  
This acquisition represents PAG's largest investment in India to date, following its 2021 acquisition of Edelweiss Wealth Management (now Nuvama). PAG had invested $325 million in Nuvama, combining primary and secondary investments.

 Official Confirmation of the Deal  
Sources close to the matter confirmed that definitive agreements have been signed between PAG and Advent. “This marks a landmark transaction for PAG in India, surpassing its previous major deals,” commented an insider familiar with the negotiations. 

PAG's entry into Manjushree Technopak solidifies its position in the Indian market, while Advent pivots from the IPO route to a private equity-driven growth strategy for the packaging giant.