On Dec. 23, the newly public International Gemological Institute (IGI) purchased its Netherlands and Belgium labs, bringing all the IGIs worldwide under one umbrella.
The purchases were cited as a reason for IGI’s recent initial public offering in India, with remaining funds from the IPO going to “general corporate purposes,” according to IGI’s prospectus. The Amsterdam and Antwerp labs are now wholly owned subsidiaries of IGI India.
IGI paid BCP Asia II Topco—a subsidiary of Blackstone—$88.4 million for the Netherlands lab and $70 million for the Belgium facility. The transactions were conducted on an “arm’s length basis,” said IGI. Following the IPO, BCP Asia owns 76% of IGI.
The market responded favorably to the acquisition, with IGI shares jumping 10%.
The company is traded on the National Stock Exchange of India and the Bombay Stock Exchange under the symbol IGIL.
Top: Amit Dixit (left), head of Asia for Blackstone Private Equity, celebrates IGI going public at the National Stock Exchange of India with Tehmasp Printer (center), managing director and CEO of IGI India, and Prateek Roongta, the managing director within the portfolio operations group at Blackstone Advisors India. (Photo courtesy of the National Stock Exchange of India)
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