 "IIFL Home Finance")
Competition Commission of India on Tuesday approved the acquisition of the stake in IIFL Wealth Management (IIFLWM) by BC Asia Investments X Ltd.
The proposed combination involves the acquisition of up to 24.98 per cent shareholding of IIFLWM by BC Asia Investments X Limited, a notice issued by the anti-trust regulator said.
BC Asia Investments X Ltd is indirectly held by Bain Capital Investors LLC (Bain Private Equity), Bain Capital Credit Member LLC and Bain Capital Member II (together Bain Credit) and the Canadian Pension Plan Investment Board (CPPIB).
In a tweet on Tuesday, Competition Commission of India (CCI) said it has approved the "acquisition of up to 24.98 per cent shareholding in IIFLWM by BC Asia".
IIFL Wealth Management Ltd is a wealth management subsidiary of IIFL Holdings Ltd.
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Bain Private Equity is a private equity firm that invests in companies across many industries.
As per a separate notice, the fair trade regulator has cleared the transaction involving the sale of the global biosimilars portfolio of Viatris Inc (parent entity of Mylan) to Biocon Biologics Limited and its subsidiary. It also approved the proposed equity infusion in Biocon Biologics by Biocon and Serum Institute.
The transaction involves cash and stock consideration and the acquisition of one common equity share and compulsory convertible preference shares convertible into common equity shares, representing at least 12.9 per cent of the fully diluted equity of Biocon Biologics by Mylan, said the regulator in a release.
In another notice, the anti-trust watchdog has approved the corporate restructuring of GlaxoSmithKline Consumer Healthcare Holdings Ltd (JVCO) under a green channel route.
JVCO was established in 2019, combining the respective legacy consumer healthcare business worldwide of GSK and Pfizer.
The proposed combination involves the corporate restructuring of JVCO through acquisition by Haleon via demerger and the share exchange steps, involving the JVCO shareholders.
Following the completion of the demerger and share exchange steps, the shareholding of Haleon will be held by a combination of GSK, its affiliates and GSK's shareholders (together representing 68 per cent of Haleon's voting rights) and Pfizer (representing 32 per cent of Haleon's voting rights).
Under the green channel route, a deal which does not raise any risk of an appreciable adverse effect on market competition is deemed to be approved on it being intimated to the competition watchdog.
Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Haleon is a newly incorporated entity and at present does not have any business operations.
GSK is in the research, development, manufacturing, and marketing of prescription pharmaceuticals, vaccines and consumer healthcare products.
Pfizer is a US-based biopharmaceutical company.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
