General Atlantic Singapore Gets CCI Nod For Stake Buy In TBO Tek

The Competition Commission of India (CCI) on Thursday approved General Atlantic Singapore TBO's acquisition of stake in TBO Tek.

The combination pertains to General Atlantic Singapore TBO's acquisition of 7.5 per cent stake in TBO Tek collectively from TBO Korea Holdings and Augusta TBO (Singapore).

Further, the regulator also approved the acquirer's (General Atlantic Singapore TBO) additional stake buy of 7.5 per cent in the company from the same sellers.

However, if the above step is not completed within a specified date agreed between the parties, the acquirer has the option to buy an additional 20 per cent equity in the firm from TBO Korea Holdings Ltd and Augusta TBO (Singapore).

If the steps are not completed within the date agreed between the parties, the acquirer has a call option and TBO Korea Holdings and Augusta TBO will have a put option for General Atlantic Singapore TBO to acquire an additional 2,08,47,992 equity shares of TBO Tek.

General Atlantic Singapore TBO is an investment holding company and is controlled by US-based private equity firm General Atlantic.

The CCI said it has approved the deal under the green channel route.

TBO is a technology platform -- travelboutiqueonline.com -- engaged in the business of providing services related to tours and travel.

"There are no horizontal overlaps or existing and/or potential vertical or complementary relationships between the TBO's business in country and the General Atlantic Singapore TBO (including its affiliates).

"Therefore, the transaction raises no risk of any adverse effect on competition, and is being notified under the green channel filing," the CCI said.

Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair trade regulator.