The Competition Commission of India has approved Aquilo House Pte. Ltd (AHPL)‘s proposed acquisition of Aavas Financiers Limited (AFL).
“CCI approves the proposed acquisition of Aavas Financiers Limited by Aquilo House Pte. Ltd. #merger#CCI”, said a CCI social media post on platform ‘X’.
AHPL (Acquirer) is a newly incorporated entity, wholly and indirectly, held by the Relevant CVC Funds, which are certain investment funds or vehicles managed and/or advised by members of the CVC Network.
The “CVC Network” or “CVC Group” is a global alternative investment manager focused on private equity, credit, secondaries and infrastructure, consisting of CVC Capital Partners plc. (CVC PLC) and each of its subsidiaries from time to time.
CVC PLC is a public limited company with shares listed and admitted to trading on the Euronext Amsterdam Stock Exchange.
AFL (Target) is registered with the National Housing Bank as a non-deposit-taking housing finance company.
In India, Target’s business activities include: (A) provision of (a) Home loans, (b) MSME business loans, (c) Loans against property, and (B) Distribution of life, health, and general insurance products to Target’s customers only.
The proposed transaction relates to the acquisition of shares and control by the Acquirer in the Target pursuant to (i) the share sale agreements executed amongst the Acquirer, the Target and certain existing promoters/promoter groups of the Target, and (ii) the mandatory open offer under Takeover Code.
