India’s Asian Paints acquires Causeway Paints for Rs9 bln

Apr 04, 2017 (LBO) – Asian Paints subsidiary Berger International has acquired Sri Lanka’s Causeway Paints in an all-cash deal of 3.87 billion Indian rupees, a statement said.

Berger International Pvt Ltd (BIPL) completed the transaction for a consideration of 9,050 million Sri Lankan rupees in cash, Asian Paint’s said in a stock exchange filing in Bombay, Monday.

“The transaction has been done with an objective of enhancing the group’s presence in the Sri Lankan market through its subsidiary Asian Paints (Lanka) Ltd, which already has operations,” it said.

The company in February entered into a share purchase agreement with the existing shareholders of Causeway Paints Lanka Pvt Ltd (CPLPL) for acquisition of 100 percent stake.