Berger Paints to acquire Advent's share in Bolix for $38.6 mln

Kolkata, May 2 (UNI) Berger Paints India Ltd has signed an agreement for acquisition of all the shares of Bolix SA (Bolix) from Advent International, a global private equity group, at an estimated net purchase price of around 38.6 million dollars.

Announcing this here today, Berger Paints Managing Director Subir Bose said the acquisition of the leading provider of External Insulation Finishing System (EIFS) in Poland, would be made through a wholly owned subsidiary of Berger Paints India Ltd in Cyprus.

Mr Bose said the purchase was conditional upon fulfillment of certain conditions precedent, including clearance by the Polish Anti-Monopoly Office.

However, the price was subject to usual adjustments at the time of completion of the transaction, he said.

Mr Bose informed that Ernst and Young Private Limited, India, was the financial advisor to Berger on the transaction.

UNI ADG KK RN1912