Competition Commission of India (CCI) on Tuesday gave its approval to the acquisition of 24.98 per cent stake in IIFL Wealth Management Ltd by BC Asia Investments X Ltd. It has also approved a proposed transaction involving the sale of Viatris Inc.’s global biosimilar portfolio to Biocon Biologics. Ltd. and an equity infusion in Biocon Biologics by Biocon and Serum.
“Competition Commission” India (CCI) approved the acquisition of 24.98 per cent stake of IIFL Wealth Management Ltd by BC Asia Investments X Ltd. BC Asia (Acquirer) is an investment holding company incorporated under the laws of Mauritius, and aims to hold long-term investments. BC Asia indirectly by (a) Bain Capital Investors, LLC (Bain Private Equity), (b) Bain Capital Credit Member LLC and Bain Capital Member II (together with Bain Credit) and by funds or vehicles controlled by the Canadian Pension Plan Investment Board is held. CPPIB),” the CCI said in a statement.
IIFL Wealth Management Limited (Lakshya) is a private wealth management firm in India. IIFLWM meets the highly specialized and sophisticated needs of high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a wide range of customized wealth management solutions.
In another statement, competition watchdog said it has approved a proposed transaction involving the sale of Viatris Inc.’s global biosimilar portfolio to Biocon Biologics and an equity infusion by Biocon and Serum into Biocon Biologics.
“The proposed transaction includes the sale of the global biosimilar portfolio of Viatris Inc. (Viatris) (an indirect parent unit of Mylan Inc. (Mylan)) to Biocon Biologics and its subsidiary for cash and stock considerations and the acquisition of 1 (a) common equity in the market. Shares and Compulsory Convertible Preference Shares, which are convertible into common equity shares, as a partial consideration for the acquisition of Vytris’s global biosimilar portfolio by Mylan (an indirect subsidiary of Viatris) at least of the fully diluted equity of Biocon Biologics The lower represent 12.9 per cent. Each case, pursuant to the transaction agreement dated February 27, 2022, occurred between Viatris and Biocon Biologics,” it added.
In a separate approval, CCI also approved the corporate restructuring takeover of GlaxoSmithKline Consumer Healthcare Holdings Limited (JVCO).
“The proposed combination includes a corporate restructuring of the JVCO, including acquisition by Halon through demerger and a share exchange move involving the shareholders of the JVCO. Immediately following the completion of the demerger and stock exchange phases, Halion’s shareholding is held by GSK, GSK’s affiliates and GSK’s shareholders (together representing 68 percent of Halion’s voting rights) and (directly/indirectly) Pfizer (32 representing). Helion’s percentage of voting rights),” it added.
JVCO was established in 2019, merging GSK and Pfizer’s related legacy consumer healthcare business across the globe including India. JVCO (through its subsidiaries and associates) is engaged in the manufacturing and distribution of consumer health products.
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