Competition Commission Clears R Systems International-Blackstone Deal
R Systems International is engaged in the provision of information technology and IT enabled services.
The Competition Commission of India on Monday cleared the acquisition of 100% shareholding in R Systems International by BCP Asia II Topco II Pte, an affiliate of private equity firm Blackstone.
The proposed combination pertains to the acquisition of 51.67% shareholding from the promoter shareholders of R Systems International through a share purchase agreement, according to an official release.
The fair trade regulator also approved Blackstone's open offer for further acquisition of up to 48.33% stake in the firm.
R Systems International is engaged in the provision of information technology and IT enabled services.
In another release, the regulator said it has approved the consolidation of HPM Business of LANXESS AG and DEM Business of the Koninkiljke DSM NV under Zehnte LXS GmbH, a joint venture holding company of Platin 2170 GmbH and LANXESS.
The proposed combination envisages the consolidation of the HPM Business and DEM Business under Zehnte LXS GmbH, the acquisition of joint control by Platin 2170 GmbH (Advent HoldCo) and LANXESS Deutschland GmbH in the newly incorporated entity, according to an release.
Post completion of the deal, Advent HoldCo will have 58-70% equity and LDG will have 30-42% in the entity, the release said.
Advent HoldCo is controlled by GPE X, which is ultimately controlled by Advent International Corporation. LDG is a wholly-owned subsidiary of LANXESS AG, a speciality chemicals company.
HPM Business engages in the manufacture, sale and marketing of high-performance thermoplastic polymers while DEM Business produces and sells engineering materials and is a part of Koninkiljke DSM NV.
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.
