New Delhi [India], September 12 (ANI): The Competition Commission of India (CCI) has approved the proposed combination involving the acquisition of 20 per cent of the issued and paid-up equity share capital of Piramal Pharma Limited (Pharma Co) by CA Clover Intermediate II Investments (Curie), an official statement said here on Saturday.
The proposed combination is related to the transfer of global pharmaceutical business (transferred business) by Piramal Enterprises Limited (PEL) to a wholly-owned subsidiary of PEL, that is Pharma Co, followed by the acquisition of 20 per cent of the issued and paid-up equity share capital of Pharma Co by Curie (proposed combination).
Curie is a special purpose acquisition vehicle, owned and controlled by investment funds advised by the affiliates of the Carlyle Group Inc.
The Carlyle Group is a global alternative asset manager, which manages funds that invest globally across four investment disciplines: Corporate Private Equity (buyout and growth capital), Real Assets (real estate, infrastructure and energy and renewable resources), Global Credit (leveraged loans and structured credit, opportunistic credit, energy credit, private credit and distressed credit), and Solutions (private equity fund of funds program and related co-investment and secondary activities).
Pharma Co is a wholly-owned entity of PEL that will hold PEL's transferred business as part of the proposed combination, and acquire the pharmaceutical business of PEL comprising the Contract Development and Manufacturing Organisation, Complex Hospital Generics, and Consumer Healthcare Division segments, as well as equity interest in certain PEL entities. (ANI)