GZ Industries Limited entered into an agreement to acquire 70% stake in Beta Glass Plc (NGSE:BETAGLAS) from Frigoglass Industries (Nigeria) Ltd. on May 21, 2015. In a related deal, GZ Industries Limited entered into an agreement to acquire glass container operations Dubai from Frigoglass SAIC (ATSE:FRIGO) for a combined consideration of $225 million in cash on May 22, 2015. $200 million of the consideration will be payable in cash on completion of the transaction with a further $25 million cash being payable in two tranches over the following two years. Frigoglass has reached an agreement to acquire the minority interest in its Frigoglass Jebel Ali business based in Dubai, which will also be part of this transaction. Management team and employees will also be transferred as part of the sale. All 1,588 employees at its glass operations will be transferred as part of the transaction. Standard Chartered Private Equity has been pivotal in the transaction. Citigroup Global Markets Limited acted as a financial advisor and Shearman & Sterling LLP acted as a legal advisor to Frigoglass Industries (Nigeria). Standard Chartered PLC (LSE:STAN) acted as a financial advisor to GZ Industries Limited.

GZ Industries Limited cancelled the acquisition of 70% stake in Beta Glass Plc (NGSE:BETAGLAS) from Frigoglass Industries (Nigeria) Ltd. on February 26, 2016. A condition precedent was not met as GZI did not secure the necessary level of debt financing for the acquisition.