CCI approves acquisition of additional shares of API Holdings Limited by Naspers Ventures B.V.

The Competition Commission of India (CCI) has approved the proposed acquisition of additional shares of API Holdings Limited by Naspers Ventures B.V.

The Naspers Ventures B.V. (Acquirer), is an indirect, wholly-owned subsidiary of Prosus N.V. (Prosus), which is in-turn, a direct subsidiary of Naspers Ltd. (Naspers). The Acquirer is an investment holding company and its principal activity is to make investments by providing direct and indirect equity and debt funding.

The API Holdings Limited (Target), is the ultimate parent entity of the API Holdings group. Either directly or through its subsidiaries/affiliate companies, the Target is engaged in various business activities in the healthcare sector in India. It is submitted that the predominant revenue of the Target is derived from wholesale (B2B) sale and distribution of drugs (including pharmaceutical products, medical devices and over-the-counter medication (OTC) products). The remaining revenue is derived from Provision of diagnostics services and other ancillary business activities such as developing a platform/tool which connects Registered Medical Practitioners (RMPs) and patients whereby the patients could consult with RMPs through the platform/tool and have teleconsultation and engaged in developing electronic medical records.

The Acquirer proposes to acquire additional shares of the Target by way of participation in the proposed rights issue, subject to the terms of the Term Sheet executed amongst the Parties. (Proposed Combination).

Detailed order of the CCI will follow.