The Competition Commission of India (CCI) on Friday said it has approved the proposed acquisition of a 1.28 per cent stake by Google International in Bharti Airtel. Both the companies also intend to enter into certain other commercial arrangements in future, it said.
“The Acquirer (Google International) and the Target (Bharti Airtel) have executed an Investment Agreement (IA) per which the Acquirer proposes to acquire a minority and non-controlling stake of 1.28 per cent of equity share capital in the Target. Along with the IA, the Acquirer and the Target through their affiliates have also entered into certain commercial deals. The Parties also intend to enter into certain other commercial arrangements in future,” the CCI said in a statement.
It added that the CCI has approved the proposed combination on the basis of modifications offered by Google International.
Google International is a wholly-owned subsidiary of Google. Google is a Delaware limited liability company and wholly-owned subsidiary of Alphabet Inc. The Acquirer is a holding company and does not own/ operate any of Google’s products/ services. Google, however, offers various products and services, including its flagship search service, its Android operating system, and its Play app store.
Bharti Airtel Limited, headquartered in India, is an international communications solutions provider with over 480 million customers in 17 countries across South Asia and Africa. BAL’s retail portfolio includes, amongst others, high-speed mobile broadband, Airtel Xstream Fiber, streaming services (music and video), digital payments and financial services. For enterprise customers, BAL offers solutions including secure connectivity, cloud and data centre services, cyber security, IoT, advertising services, and cloud-based communication.
Read all the Latest News , Breaking News , watch Top Videos and Live TV here.
Comments
0 comment