CCI has approved the proposed deal and granted approval to Temasek Holdings, CDPQ Private Equity Asia Pte, DBS Group Holdings, and Goldman Sachs India Alternative Investment Trust to acquire stakes in API Holdings Ltd.
Fair trade regulator CCI on Tuesday said it has cleared the proposals of purchasing stakes in PharmEasy by various entities, including South Africa-based Naspers group and Singapore's sovereign wealth fund Temasek.
✔️ API Holdings, through its subsidiaries, is in the business of providing healthcare services, including an online e-commerce marketplace, through a mobile application as well as a website called ‘PharmEasy’; (ii) B2B (i.e., wholesale) sale and purchase of pharmaceutical and nutraceutical products, and warehousing, storing and packaging of such products. The company also provides diagnostic services and telemedicine consultations.
Naspers Ventures BV proposed the acquisition of "additional shares of API Holdings Ltd by way of participation in the proposed rights issue, subject to the terms of the term sheet executed amongst the parties", CCI said in a release.
✔️ Naspers Ventures BV is a wholly-owned subsidiary of Prosus, which in-turn is a direct subsidiary of Naspers Ltd.
The Competition Commission of India (CCI) said it has approved the proposed deal.
The regulator has also granted approval to Temasek Holdings, CDPQ Private Equity Asia Pte, DBS Group Holdings, and Goldman Sachs India Alternative Investment Trust to acquire stakes in API Holdings Ltd.
The proposed transactions entail the subscription of compulsorily convertible preference shares (CCPS) of API Holdings by MacRitchie Investments Pte, EvolutionX Debt Capital Master Fund 1 Pte, Goldman Sachs India AIF Scheme-1, Goldman Sachs India Alternative Investment Trust AIF Scheme-2, and CDPQ Private Equity Asia Pte.
MacRitchie is a wholly-owned subsidiary of Temasek Holdings, while EvolutionX is a growth stage debt financing platform jointly set up by DBS Group Holdings and Temasek. CDPQ Private Equity Asia is a wholly-owned subsidiary of Canadian institutional fund CDPQ. It is an existing investor in PharmEasy.
Sources: The Hindu Business Line, Mint
