CCI approves Bain group's proposal to acquire 30% stake in CitiusTech
18 July 2022
The Competition Commission of India (CCI) has approved the proposed combination involving the indirect subscription of over 30 per cent of the issued share capital of CitiusTech by Bain Capital Investors LLC (Bain Capital) and Bain Capital Credit Member LLC and Bain Capital Credit Member II Ltd (Bain Credit), which represents approximately half the economic interest in CitiusTech.
Bain Capital is a private equity investment firm that invests, through its family of funds, in companies across many industries, including information technology, healthcare, retail and consumer products, communications, financial and industrial/manufacturing.
Bain Credit is a leading global credit specialist, which invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.
CitiusTech holds approximately 80 per cent interest in CitiusTech Healthcare Technology Private Limited (CT India) and does not have any business activities as such. CT India is a healthcare technology services and solutions provider. CT India provides healthcare software engineering, healthcare professional services, healthcare QA test automation, healthcare technology consulting, healthcare BI/ Analytics, and business and process outsourcing services in healthcare.
CCI also on Friday approved the acquisition of Ageas Federal Life Insurance Company Limited by Ageas Insurance International NV.
The proposed combination pertains to the acquisition of further shareholding in Ageas Federal Life Insurance Company Limited (AFLI) by Ageas Insurance International NV.
Ageas is the ultimate holding company of the Ageas group, it is an international insurance group having business activities in Europe and Asia. Ageas group offers life insurance products, general non-life insurance products, reinsurance services and distribution of insurance products.
AFLI is engaged in the business of providing life insurance products in India under the category of term plan, child plan, ULIP plan, saving plan, retirement solutions, health plan, group plan, online plans, etc. Ageas currently has 49 per cent shareholding in AFLI and it jointly controls the operations of AFLI along with the other shareholders, viz, IDBI and Federal Bank.
CCI said it would issue detailed orders later.