CCI approves the Netherlands-based Betaine to take over HSG
The Competition Commission of India has given approval on 18 Oct 2021 to the Netherlands-based unit of Baring Private Equity Asia Ltd (BPEA) to acquire worldwide healthcare business process outsourcing (BPO) services of Hinduja Global Solutions Limited (HGS), along with certain assets, contracts and employees.
BPEA has recently incorporated Betaine B.V. in the Netherlands for the purposes of the Proposed Transaction, and is an entity, which is ultimately owned and controlled by funds comprising The Baring Private Equity Asia Fund VIII which is a fund affiliated with Baring Private Equity Asia Pte Ltd (BPEA).
This is first acquisition by Betaine which is currently not engaged in any business activity (directly or indirectly) in India.
BPEA is an international private equity firm with a focus on private equity investments in Asia. BPEA and its affiliates currently inter alia hold investments in various entities that are engaged in the provision of Information Technology (IT) and IT enabled services (ITeS) in India, including in the provision of BPO services.
HGS is engaged in the provision of IT and ITeS services, and caters to customers across the globe. The services that it offers include BPO services, which cover, inter alia, marketing and digital enablement services and consumer interaction services.
The Target Business essentially comprises the BPO services offered by HGS and caters primarily to the customers within the healthcare segment.
The CCI has also given approval to BPEA for the acquisition of Global Content Alpha Partners Holdco Pte Ltd (GCAPH).
BPEA has recently incorporated Starnmeer B.V. in the Netherlands for the acquisition of GCAPH which is engaged in the provision of services within the IT & ITeS sector (more specifically Business Processing Outsourcing (BPO) services and caters to customers that are engaged in the communications, media and services sector and the education sector.
In India, GCAPH is present through its subsidiaries namely, LearningMate Solutions Private Limited, SPI Technologies India Private Limited, Scope e-Knowledge Center Private Limited, and Scientific Publishing Services Private Limited.
The Proposed Combination, notified under Sections 5(a) of the Competition Act, 2002, concerns the proposed acquisition of up to the entire issued share capital of GCAPH from its existing shareholders. #investment #technology #banking /fiinews.com
