The Competition Commission of India (CCI) approves the Proposed Combination relating to the acquisition of 100% equity interest and joint control in Virtusa Corporation by Austin HoldCo., GIC Investor and CPPIB Investor.

The Proposed Combination relates to the acquisition of 100% equity interest and joint control in Virtusa Corporation (Virtusa) by Baring Private Equity Asia (BPEA) (through Austin HoldCo.), Atago Investment Pte Ltd. (GIC Investor) and CPP Investment Board Private Holdings (4) Inc. (CPPIB Investor).

Austin HoldCo is a company incorporated in Delaware. It is presently not engaged in any business activity. BPEA is an international private equity firm with a focus on private equity investments in Asia.

GIC Investor is wholly-owned by Apstar Investment Pte Ltd, which in turn is wholly-owned by GIC (Ventures) Private Limited. GIC Investor is a special purpose vehicle organized as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited.

CPPIB Investor is a Canadian corporation and is a wholly-owned subsidiary of Canada Pension Plan Investment Board. It is an investment holding company and invests in a diversified portfolio of assets.

Virtusa is a global information technology services company. Virtusa, through its subsidiaries, is engaged in the provision of IT services, including application outsourcing services, business and IT consulting services, technology implementation services, systems integration, digital engineering, cloud solutions, etc., in India.

Detailed order of the CCI will follow.

Merger control approval: acquisition of full equity and joint control in a global IT services firm permitted by regulator review. Approval was granted for the Proposed Combination comprising the acquisition of 100% equity interest and joint control in Virtusa Corporation by three investment holding vehicles, each described as private equity, sovereign-wealth-managed, or pension-fund-managed investment entities, with the target operating as a global IT services group; a detailed order will follow.