CCI Approves Acquisition Stake in ACKO Tech by General Atlantic

CCI Approves Acquisition Stake in ACKO Tech by General Atlantic

The Competition Commission of India (CCI) has approved the acquisition of an additional stake of 4.04 per cent in Acko Technology and Services (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd. (GASACK).

GASACK, an investment holding company, is held by funds or vehicles controlled by General Atlantic.

Whereas, Acko Tech is engaged in the business of providing general (non-life) insurance through its subsidiary, Acko General Insurance Limited (Acko GI).

According to the proposed combination, GASACK would acquire an additional 4.04 percent shareholding in Acko Tech as part of the combination.

The Commission approved the proposed combination subject to compliance of modifications jointly furnished by GASAK and GAP Bermuda, L.P. under Regulation 19(2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.