CCI approves Carlyle Group’s stake purchase in Quest Global, other key deals

The Competition Commission of India (CCI) on Tuesday said it has approved four proposals, including the acquisition of a stake in engineering services provider Quest Global Services by a Carlyle Group entity and Bequest Inc.

CA Plume Investments, the affiliate of private equity major Carlyle, is an investment vehicle established in Mauritius.

Bequest, a holding entity of Quest Global Services’ chairman and chief executive Ajit Aravind Prabhu, is incorporated in the Cayman Islands. Its sole purpose is to hold shares of Quest Global Services, according to a statement by the antitrust regulator.

ADIA's deal with Micro Life

Separately, the regulator has approved the proposed acquisition of a stake in medical device manufacturer Micro Life Sciences by an affiliate of Abu Dhabi Investment Authority (ADIA).

The acquisition will be through Platinum Jasmine A 2018 Trust (acting through its trustee Platinum Owl C 2018 RSC).

As per the proposal, Platinum Jasmine will subscribe to equity shares issued by Micro Life Sciences. It will also acquire 3.06% of Micro Life Sciences from Bilakhia Holdings.

CPPIB exits Island Star Mall

The CCI has also cleared Phoenix Mills’ acquisition of a 49% stake in Island Star Mall Developers from Canada Pension Plan Investment Board.

“The proposed combination comprises Canada Pension Plan Investment Board (seller) completely exiting from its equity investment of 49% in the Target and The Phoenix Mills (Acquirer) itself (or through its Affiliates) becoming the 100% shareholder and thereby acquiring sole control, directly or indirectly, in Island Star Mall Developers (Target),” the regulator said in a statement.

3G Capital- Skechers transaction

The antitrust regulator also gave its nod for the acquisition of footwear and apparel company Skechers by investment firm 3G Capital and Singapore's sovereign wealth fund GIC.

In a statement, the CCI said it has approved the proposed combination involving acquisition of all the outstanding shares and sole control of the Skechers USA, Inc. by 3G Capital Partners, and investment by Kakapo Investment Pte (GIC Investor).

In May, Skechers, the world’s third-largest footwear company, said it had agreed to be acquired by 3G Capital.