CCI clears acquisition of Acko Technology by Multiples and CPP Investment Board
The national competition regulator approves deals beyond a certain threshold
The Competition Commission of India (CCI) has cleared the deal involving the acquisition of securities of Acko Technology & Services Pvt Ltd by CPP Investment Board Private Holdings (4) Inc, a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB) and another entity, Multiples Private Equity Fund III.
The CCI stated the approval of, “The acquisition of additional Series E CCPS of Acko Technology Services by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc.”
Multiples Private Equity Fund III is an Alternative Investment Fund (AIF), registered by the Securities and Exchange Board of India (SEBI), while Acko is engaged in the business of providing technology and outsourced services.
Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.