India's GMM Pfaudler rises on deal to buy majority stake in parent's global business

Gmm Pfaudler

21/08/2020 08:09

** Shares of alloy steel, glass-lined equipment manufacturer
 GMMP.NS  rise as much as 8.2% to 6,350 rupees- their highest
since Aug. 12
    ** Co to buy majority stake in Pfaudler Group's global
business from private equity firm Deutsche Beteiligungs AG Fund
VI    
    ** Co to buy a 54% stake for around $27.4 mln  urn:newsml:reuters.com:*:nFWN2FM0JX
    ** Deal expected to be earnings accretive immediately to
co's shareholders
    ** Deal to be funded via mix of internal accruals, debt and
is expected to close in Nov. 2020
    ** Revenue of combined entity expected to be around 20 bln
rupees, EBITDA of about 2.5 bln rupees
    ** Shares are up 213.5 % this year, as of last close

 (Reporting by Philip George in Bengaluru)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))