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CCI Approves BOI- BAIM & BATS Deal, SHS GmbH- Varian Deal & Ecom-CDC Deal

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CCI ApprovesBank of India to acquire 49% stake each in BOI AXA newOn February 10, 2021 The Competition Commission of India(CCI) has approved following deal:

BOI Acquires 49% Stake each in BOI AXA Investment Managers & BOI AXA Trustee Services

The CCI under  Section 31(1) of the Competition Act, 2002 gave approval for the acquisition of 49% stake each in BOI AXA Investment Managers Private Limited  (BAIM)& BOI AXA Trustee Services Private Limited (BATS) by Bank of India(BOI).

Note- Currently, BOI holds 51% equity shares each in BAIM and BATS.

Post Acquisition:

i.After the acquisition, BOI will become sole owner of BAIM & BATS and also the sole sponsor of BOI AXA Mutual FUnd.

  • Total Asset Under Management (AUM) of BOI AXA Mutual Fund was Rs 2,426 crore as of 30 November, 2020.

ii.In addition to this, BOI shall do banking business and continue to distribute Mutual Fund products including that of the target entities.

Background:

For this purpose, BOI entered into a Share Purchase Agreement (SPA) with AXA Investment Managers Asia Holdings Pvt Ltd (AXA IM), a part of AXA Group.

  • AXA IM is a promoter of BAIM and BATS.

About Bank of India(BOI):

It is constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970.

Incorporated– September 7 1906 by group of eminent businessman from Mumbai
Managing Director & Chief Executive Officer(CEO)– Shri Atanu Kumar Das
Tagline-Relationship Beyond Banking
HeadOffice– Mumbai, Maharashtra

About BOI AXA Investment Managers Private Limited(BAIM):
CEO– Sandeep Dasgupta
Headquarters– Mumbai, Maharashtra

Siemens Healthineers Holding I Gmb Acquires 100% Shares of  Varian Medical Systems, Inc

i.CCI gave approval for the acquisition of 100% shares of common stock and sole control of Varian Medical Systems, Inc. (Varian) by Siemens Healthineers Holding I Gmb (SHS GmbH)

  • The approval was given under Section 31(1) of the Competition Act, 2002.

ii.For this acquisition, both the parties had entered into an agreement, where SHS GmbH will acquire all shares for USD 177.50 per share in cash of Varian. This equals a purchase price of approximately USD 16.4 billion.

About Siemens Healthineers Holding I Gmb (SHS GmbH):

It  is a wholly owned subsidiary of Siemens Healthineers AG (Siemens Healthineers) which is ultimately part of the Siemens AG Group.

About Siemens Healthineers AG:
CEO– Dr. Bernd Montag
Headquarters– Erlangen, Germany

About Varian Medical Systems, Inc. (Varian):
CEO– Dow R. Wilson
Headquarters– California, United States

CDC Group plc Subscribes Securities of Ecom Express Private Limited 

CCI gave approval for the subscription of securities of Ecom Express Private Limited(Ecom) by CDC Group plc (CDC).

About CDC Group plc (CDC):
CEO– Nick O’Donohoe
Headquarters– London, United Kingdom

About Ecom Express Private Limited(Ecom):

It engages in the business of providing third party logistics (3PL) services in India.
Headquarters– Gurugram, Haryana

Recent Related News:

On January 20, 2021 Competition Commission of India (CCI) has approved the following  deal:

i.The acquisition of 7.8% minority stake in Aditya Birla Fashion and Retail Limited (ABFRL) by Flipkart Investments Private Limited (FIPL), subsidiary of Flipkart Private Limited (FPL) on a fully diluted basis. The deal is worth Rs 1,500 crore.

ii.The acquisition of Altico Capital India Ltd (Altico) by Ares SSG Capital Management (Singapore) Pte. Ltd (Ares SSG).

iii.The deal between Max Life Insurance Company Ltd and Axis entities(Axis bank Ltd, Axis Capital ltd and Axis Securities Ltd).

  • About9% stake in Max life insurance will be acquired by Axis Bank.
  • Axis Capital and Axis Securities will acquire 2% and 1% stake respectively in Max Life Insurance.

About Competition Commission of India (CCI):

Established by– The Central Government with effect from 14th October 2003
Headquarters– New Delhi, India
Chairman– Ashok Kumar Gupta