Competition Commission of India (CCI) has approved the acquisition of certain share capital of WeWork India Management Private Limited (WeWork India) by Real Trustee Advisory Company Private Limited (Real Trustee).
Real Trustee is the trustee for Volrado Venture Partners Fund II (Volrado II); and (ii) Volrado Venture Partners Fund III - Beta (Volrado III)) and other independent co-acquirers.
The competition watchdog has also approved the acquisition of 100 per cent share capital of 1 Ariel Way Tenant Limited (OAW) by Embassy Buildcon LLP (Embassy Buildcon)
The Proposed Combination involves two steps:
Step 1: Acquisition of certain share capital of WeWork India, on a fully diluted basis by Real Trustee’s (in its capacity as trustee for Volrado IIand Volrado III (collectively, referred to as ‘Volrado Ventures’), and other independent co-acquirers in their individual capacity from Embassy Buildcon;
Step 2: Acquisition of 100% share capital of OAW, on a fully diluted basis, by Embassy Buildcon from WeWork International Limited (WeWork International), resulting in Embassy Buildcon indirectly holding share capital of WeWork India through OAW and in aggregate continue to hold majority shareholding in WeWork India, on a fully diluted basis.
Real Trustee is the trustee of Volrado Ventures, which are alternative investment funds (AIFs) registered with the Securities and Exchange Board of India (SEBI). Specifically, Volrado II is a SEBI-registered Category I AIF and Volrado III is a SEBI-registered Category II AIF.
Embassy Buildcon, a limited liability partnership organized and registered in India, is engaged in the business of real estate development of residential and commercial assets and other related activities.
WeWorkIndia, a private limited company registered in India, is engaged in the operation of flexible workspaces and operation of digital real estate workplace solutions for companies.
OAW holds the shares of WeWork India, on behalf of WeWork International.