The Competition Commission of India has approved Fortis Healthcare’s proposal to acquire an additional 31.52 per cent stake in Agilus Diagnostics Limited (Agilus).
After the proposed combination, Fortis Healthcare Limited (FHL)‘s shareholding in Agilus will increase from 57.68 per cent to 89.2 per cent.
FHL primarily provides integrated healthcare delivery services such as medicare, healthcare, and diagnostics. Its businesses include managing and operating a network of multi-speciality hospitals and providing preventive healthcare and diagnostics services.
The diagnostics services business of FHL is being undertaken primarily through Agilus.
Agilus is, inter alia, engaged in establishing, managing, and maintaining clinical reference laboratories and other laboratories to provide testing and diagnostic services. It offers a range of routine and specialized diagnostics tests and wellness packages covering an extensive range of specialties.
It also offers a wide range of corporate wellness services and preventive care health packages, which include several pathology and radiology tests and home collection services.
Diligent Power-DB Power merger
The CCI has also approved the combination involving the merger of Diligent Power Private Limited (DPPL) into its wholly owned subsidiary viz., DB Power Limited (DBPL), and the reorganization of Decore Thermal Power Private Limited (DTPPL) under the buyback of certain securities.
DPPL is DBPL’s holding company. DBPL has established a coal-based power plant in the state of Chhattisgarh, with an installed capacity of 1200 megawatts.
DTPPL is primarily a holding company for its wholly owned subsidiary DB Power (Madhya Pradesh) Limited, which only holds certain land in Singrauli District, Madhya Pradesh.
Thoughtworks Holding
The CCI has approved the proposed combination involving the acquisition of an additional shareholding in Thoughtworks Holding, Inc. by AP Funds and Temasek.
Tasmania Midco LLC (Acquirer) is an SPV indirectly wholly owned by Apax Partners LLP (AP).
AP is a limited liability partnership incorporated under the laws of the United Kingdom and the parent of several entities that provide investment advisory services to private equity funds investing in a range of industry sectors.
Nevado Investments Pte. Ltd. (Nevado) is a limited company incorporated in Singapore. It is an investment holding company with no business operations other than holding investments. It is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek).
Thoughtworks Holding, Inc. (Target) is a global technology consultancy corporation that provides IT consultancy, application implementation and managed services.
The Proposed Transaction concerns an acquisition by the investment funds advised by Apax Partners LLP (AP) (the “AP Funds“) of additional shareholding in the Target such that post-consummation of the proposed transaction, the Target will be wholly owned by the AP Funds (through the Acquirer), with Temasek (through Nevado) holding approximately 10 percent of the Target’s equity as a minority non-controlling passive investor (Proposed Combination).