Fair trade regulator Competition Commission of India (CCI) on Wednesday said it has approved Apax Partners' proposed acquisition of the stake in IBS Software Pte.
The proposed combination relates to the acquisition of approximately 30 percent of the issued share capital on a fully diluted basis of IBS Software Pte Ltd from Techware Singapore Holdings Pte Ltd, a portfolio company of Blackstone Inc by Pelipper HoldCo SARL, according to an official release.
Pelipper HoldCo SARL is a special-purpose vehicle indirectly wholly owned by investment funds advised by Apax Partners LLP.
IBS Software Pte is the parent company of the IBS group of companies, which is mainly active as a software vendor and predominantly for the aviation and travel industry.
In May this year, global travel and logistics SaaS company IBS Software said Apax Funds will buy a minority stake in the company for $450 million.
Post the latest transaction, IBS Software's Founder and Executive Chairman V K Mathews will remain the majority shareholder.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
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