I-Squared Capital-backed city gas distribution companies in India, AG&P Pratham and Think Gas Distribution, are on the verge of merging, according to a report by the Economic Times (ET). This move is valued at over $1.1 billion and aims to consolidate its market presence and enhance competitiveness against industry rivals. The merger, structured as a stock-for-stock transaction, will involve the exchange of shares between the two entities.
The companies had initially applied for approval of the merger in January and received approval from the European Commission in February.
