CCI Approves Naspers and Temasek’s Stakes Acquisition in PharmEasy

• ByStartupStory     |    February 2, 2024

On Tuesday, the Competition Commission of India (CCI) announced its clearance for various entities, including Naspers group and Temasek, to acquire stakes in PharmEasy, an online healthcare services provider under API Holdings. Naspers Ventures BV, a wholly-owned subsidiary of Prosus, sought approval for additional shares in API Holdings through a proposed rights issue, a move approved by CCI. Naspers Ventures BV is a direct subsidiary of Naspers Ltd.

The CCI also granted approval for Temasek Holdings, CDPQ Private Equity Asia Pte, DBS Group Holdings, and Goldman Sachs India Alternative Investment Trust to acquire stakes in API Holdings Ltd. The proposed transactions involve the subscription of compulsorily convertible preference shares (CCPS) by various entities, including MacRitchie Investments Pte (a wholly-owned subsidiary of Temasek Holdings), EvolutionX Debt Capital Master Fund 1 Pte (jointly set up by DBS Group Holdings and Temasek), and CDPQ Private Equity Asia Pte (a wholly-owned subsidiary of Canadian institutional fund CDPQ).

CDPQ Private Equity Asia Pte, an existing investor in PharmEasy, is set to participate in the acquisition. Goldman Sachs India AIF Scheme 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme 2, both schemes launched by Goldman Sachs India Alternative Investment Trust, are also part of the approved transactions.

In the CCI’s release, it states, “Naspers Ventures BV proposed the acquisition of additional shares of API Holdings Ltd by way of participation in the proposed rights issue, subject to the terms of the term sheet executed amongst the parties.”

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