The Rs 2,745 crore proposed deal involves HT Global IT Solutions, part of Baring Private Equity Asia, purchasing 41.48 per cent stake of Hexaware Technologies following execution of 'share purchase agreements' and an additional stake of up to 26 per cent pursuant to a mandatory open offer.
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In an order dated September 19, Competition Commission of India (CCI) said that "the proposed combination is not likely to have an appreciable adverse effect on competition in India and, therefore, the Commission hereby approves the proposed combination under the (Competition) Act".
The fair trade regulator noted that while Hexaware is engaged in the business of providing information technology (IT) and Business Processing Outsourcing (BPO) services, none of the companies belonging to Baring Private Equity Asia, including HT Global have any investments or interests in firms engaged in giving IT and IT enabled solutions and having operations in India.
"The proposed combination, therefore, does not contemplate combination of two existing players in the Indian IT & IT enabled service industry," CCI said. Last month, HT Global had entered into two separate 'Share Purchase Agreements'. One agreement was entered with Elder Infosystems and Elder Venture LLP and another one with GA Global Investments.
Following the execution of the agreements HT Global had approached CCI for its approval earlier this month. Most of the merger and acquisition deals in the country have to get clearance from the CCI, which has the mandate to address anti-competitive practices in the market place.
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