CCI approves two major acquisitions in sportswear, insurance sectors

New Delhi [India], June 10 (ANI): The Competition Commission of India (CCI) has given green signal for two major acquisitions including a life insurance company and a global sportswear and athletic footwear manufacturer on Wednessday, as per a statement by Competition Commission of India.

According to the release, the regulatory body has approved acquisition of certain shareholding in Shriram Life Insurance Company Limited by Sanlam Emerging Markets (Mauritius) Ltd. Now Ancat Holding GmbH, an indirect wholly owned subsidiary of ANTA, will acquire a 29.06 per cent stake in PUMA SE through a secondary share purchase.

“The proposed combination involves the acquisition by Ancat Holding GmbH (Ancat) (an indirect wholly owned subsidiary of ANTA) of 29.06% of the issued and outstanding share capital of PUMA SE (PUMA) by way of a secondary share purchase,” the release said.

As per the release, ANTA Sports, is engaged in the research, design, manufacturing, marketing and sale of sports products, including footwear, apparel and accessories.

CCI has also approved the acquisition of certain shareholding in Shriram Life Insurance Company Limited by Sanlam Emerging Markets (Mauritius) Ltd.

The proposed deal involves Sanlam Emerging Markets (Mauritius) Ltd. (SEMM) acquiring a 2.80 per cent stake in Shriram Life Insurance Company Ltd. (SLIC) through a preferential share issue, according to the release.

“The proposed combination envisages acquisition of 2.80% of the expanded equity capital of Shriram Life Insurance Company Limited (SLIC) through a preferential issue by Sanlam Emerging Markets (Mauritius) Ltd. (SEMM),” the release said.

SEMM is a part of South Africa’s Sanlam Group and a strategic partner of Shriram Group.

SLIC is a life insurance company registered with the Insurance Regulatory and Development Authority of India (IRDAI). It is engaged in providing life insurance services, offering a range of life insurance and unit-linked insurance products, and undertaking activities permitted under the Insurance Act, 1938. (ANI)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)