Swiss investors take a stake in an logistics company
The Competition Commission of India has approved on 12 Jan 2021 two transactions involving global investors with strong interests in the Indian market.
The CCI approved the Proposed Combination relating to the acquisition of 100% equity interest and joint control in Virtusa Corporation by Austin HoldCo., GIC Investor and CPPIB Investor.
Virtusa is a global information technology services company. Virtusa, through its subsidiaries, is engaged in the provision of IT services, including application outsourcing services, business and IT consulting services, technology implementation services, systems integration, digital engineering, cloud solutions, etc., in India.
The Proposed Combination relates to the acquisition of 100% equity interest and joint control in Virtusa Corporation by Baring Private Equity Asia (BPEA) (through Austin HoldCo), Atago Investment Pte Ltd (GIC Investor of Singapore) and CPP Investment Board Private Holdings (4) Inc (CPPIB Investor of Canada).
Austin HoldCo is a company incorporated in Delaware. It is presently not engaged in any business activity. BPEA is an international private equity firm with a focus on private equity investments in Asia.
GIC Investor is wholly-owned by Apstar Investment Pte Ltd, which in turn is wholly-owned by GIC (Ventures) Private Limited. GIC Investor is a special purpose vehicle organized as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited.
CPPIB Investor is a Canadian corporation and is a wholly-owned subsidiary of Canada Pension Plan Investment Board. It is an investment holding company and invests in a diversified portfolio of assets.
The CCI has also approved on 12 Jan 2021 acquisition of stake by PG Esmeralda Pte Limited in India-incorporated Ecom Express Private Limited, which provides third party logistics (3PL) services in India.
Singapore-incorporated PG Esmeralda is controlled by investment entities that are ultimately controlled by Partners Group AG or its affiliates or Partners Group, a global private market investment manager, headquartered in Switzerland. It invests in a variety of companies in sectors such as IT and IT enabled services, healthcare, real estate, consumer products, banking and non-banking financial services. #investments #projects #assets /fiinews.com
