The Competition Commission of India (CCI) has approved the proposed combination relating to acquisition of 100 per cent equity interest and joint control in Virtusa Corporation by Austin HoldCo, GIC Investor and CPPIB Investor.
The proposed combination relates to acquisition in Virtusa Corporation by Baring Private Equity Asia (BPEA) through Austin HoldCo, Atago Investment Pte Ltd (GIC Investor) and CPP Investment Board Private Holdings (4) Inc (CPPIB Investor).
Austin HoldCo is a company incorporated in Delaware in the United States. It is presently not engaged in any business activity. BPEA is an international private equity firm with a focus on private equity investments in Asia.
GIC Investor is wholly-owned by Apstar Investment Pte Ltd, which in turn is wholly-owned by GIC Ventures Pvt Ltd. GIC Investor is a special purpose vehicle orgsed as a private limited company in Singapore that is part of a group of investment holding compes managed by GIC Special Investments Pvt Ltd.
CPPIB Investor is a Canadian corporation and is a wholly-owned subsidiary of Canada Pension Plan Investment Board. It is an investment holding company and invests in a diversified portfolio of assets.
Virtusa is a global information technology services company. Through its subsidiaries, it provides IT services including application outsourcing services, business and IT consulting services, technology implementation services, systems integration, digital engineering and cloud solutions in India.
( With inputs from ANI )
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