AG&P Pratham and Think Gas set for $1.1 billion merger

I-Squared Capital-backed CGD companies in India, AG&P Pratham and Think Gas Distribution, are set for a stock-for-stock merger, estimated to be valued at over $1.1 billion (Rs 90.96 billion). Both companies are in the CGD business and aim to optimise resources and improve the utilisation of manpower. Osaka Gas and Sumitomo Corp will invest $200 million-$250 million of primary capital in the company as growth capital. Following the merger, I-Squared Capital will hold over 60 per cent stake in the combined entity. AG&P will retain up to 15 per cent and the Osaka Gas-and Sumitomo-led consortium will hold 25 per cent.