The Competition Commission of India (CCI) approves proposed acquisition of compulsorily convertible preference shares and equity of Nxtra Data Limited by Comfort Investments II.

The proposed combination pertains to the acquisition of compulsorily convertible preference shares and a few equity shares of Nxtra Data Limited by Comfort Investments II. Further, it is stated that the CCPS shall be converted to equity shares upon completion of the valuation.

Comfort Investments II is a special purpose vehicle incorporated in Mauritius, created for the purposes of the proposed transaction and is owned and controlled by the investment funds advised by affiliates of the Carlyle Group Inc. The Carlyle Group Inc. is a global alternative asset manager, which manages funds that invest globally.

Nxtra Data, and unlisted entity incorporated in India, is a fully owned subsidiary of Bharti Airtel Limited which provides an integrated portfolio of colocation, cloud and managed services across India through its 10 data centers located in India(including 2 partner data centres in Mumbai) across 7 locations.

Detailed order of the CCI will follow.

Acquisition approval: clearance for purchase of compulsorily convertible preference shares converting into equity in Nxtra Data. Approval was granted for the acquisition of compulsorily convertible preference shares and certain equity of Nxtra Data Limited by Comfort Investments II, with the CCPS to convert into equity upon completion of a valuation; Comfort Investments II is a Mauritius SPV owned by funds advised by affiliates of a global alternative asset manager, and Nxtra Data is an unlisted Indian subsidiary providing colocation, cloud and managed services across multiple data centres in India.