CCI approves the proposed acquisition of Aavas Financiers Limited by Aquilo House Pte. Ltd.

Competition Commission of India has approved the proposed acquisition of Aavas Financiers Limited by Aquilo House Pte. Ltd.

Aavas Financiers Limited (Acquirer) is a newly incorporated entity, wholly and indirectly held by the Relevant CVC Funds which are certain investment funds or vehicles managed and/or advised by members of the CVC Network. The “CVC Network” or “CVC Group” is a global alternative investment manager focused on private equity, credit, secondaries and infrastructure, consisting of CVC Capital Partners plc. (CVC PLC) and each of its subsidiaries from time to time. CVC PLC is a public limited company whose shares are listed and admitted to trading on the Euronext Amsterdam Stock Exchange.

Aavas Financiers Limited (Target) is registered with the National Housing Bank as a non-deposit taking housing finance company. In India, the Target’s business activities include: (A) provision of (a) Home loans; (b) MSME business loans; (c) Loan against property; and (B) Distribution of life, health, and general insurance products to Target’s customers only.

The proposed transaction relates to acquisition of shares and control by the Acquirer in the Target pursuant to: (i) the share sale agreements executed amongst the Acquirer, the Target and certain existing promoters/promoter group of the Target; and (ii) the mandatory open offer in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Detailed order of the Commission will follow.