CCI confirms CVC Network investment
The Competition Commission of India (CCI) has approved globally-linked investor Aceso Company Pte Ltd’s 58.92% stake acquisition in Bengaluru-based HealthCare Global Enterprises Limited (HCG) which has 22 cancer care centres in India.
The approval was given under Section 31(1) of the Competition Act, 2002, on 15 July 2020 to Aceso of CVC Network of global investors.
The Proposed Combination relates to the acquisition of up to 58.92% stake in HCG by Aceso by way of (i) subscription to equity shares and warrants (representing the right to subscribe to the equity shares) and (ii) an open offer to the public shareholders as per the regulations of SEBI.
Aceso is a part of the CVC Network which consists of (i) CVC Capital Partners SICAV-FIS S.A. (including its subsidiaries) and (ii) CVC Capital Partners Advisory Group Holding Foundation (including its subsidiaries). These are privately owned entities of a global investor group providing investment advice to and/or managing investments on behalf of certain investment funds and platforms.
HCG and its group are engaged in the business of providing services through cancer treatment clinics, multi-speciality hospitals, fertility treatment centres.
In addition, an associate company of HCG is engaged in the business of providing clinical diagnostic services.
HCG, also the owner of three multi-speciality hospitals as well as many diagnostic centres, has already won international investors including 9.4% stake held by Singapore’s Temasek Holdings. #pharmaceutical #cancer #health #investment #hospital /fiinews.com
