The Competition Commission of India (CCI) approves acquisition of up to 24.98% shareholding of IIFL Wealth Management Limited by BC Asia Investments X Limited.
BC Asia (Acquirer) is an investment holding company incorporated under the laws of Mauritius, and its objective is to hold long-term investments. BC Asia is indirectly held by funds or vehicles controlled by (a) Bain Capital Investors, LLC (Bain Private Equity), (b) Bain Capital Credit Member LLC and Bain Capital Member II (together Bain Credit) and Canadian Pension Plan Investment Board (CPPIB).
Bain Private Equity is a private equity investment firm that invests, through its family of funds, in companies across many industries, including information technology, healthcare, retail and consumer products, communications, financial and industrial/manufacturing.
Bain Credit is a leading global credit specialist with that invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.
CPPIB is a professional investment management organization that invests the funds transferred to it by the Canada Pension Plan Fund (CPP Fund) that are not needed by the CPP Fund to pay current benefits on behalf of its various contributors and beneficiaries. In order to build a diversified portfolio of assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments.
IIFL Wealth Management Limited (Target) is a private wealth management firm in India. IIFLWM serves highly specialized and sophisticated needs of high net-worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.
The proposed combination involves the acquisition of up to 24.98% shareholding of IIFLWM by BC Asia (Proposed Combination).
Detailed order of the CCI will follow.