CCI approves acquisition by Opal Bidco Pte. Ltd. of 100% shareholding in STT GDC Pte. Ltd.

Prelims-testable facts

• 01The Competition Commission of India (CCI) has approved the acquisition by Opal Bidco Pte. Ltd. of 100% shareholding in STT GDC Pte. Ltd.
• 02Opal Bidco Pte. Ltd. is an SPV indirectly wholly owned by investment funds, vehicles and/or accounts advised and managed by KKR.
• 03Ruby Asia Holdings II Pte. Ltd. is a special purpose vehicle (SPV) indirectly wholly owned by investment funds, vehicles and/or accounts advised and managed by various subsidiaries of KKR & Co. Inc. (KKR).
• 04Singtel Interactive Pte. Ltd. is a wholly owned subsidiary of Singapore Telecommunications Limited.
• 05Opal Bidco Pte. Ltd. has acquired 100% shareholding in STT GDC Pte. Ltd., with other entities acquiring economic interest in STT GDC on a see-through basis.
• 06The proposed combination involves the acquisition by Opal Bidco Pte. Ltd. of 100% shareholding in STT GDC Pte. Ltd.
• 07STT GDC Pte. Ltd. is a company that provides data centre services, and its acquisition by Opal Bidco Pte. Ltd. has been approved by the CCI.

Trap alerts

• Most people think the CCI only approves acquisitions involving Indian companies, but actually it also reviews foreign investments in India.
• Most people think KKR is directly involved in the acquisition, but actually it is through its subsidiaries and advised funds that own Opal Bidco Pte. Ltd.