The Competition Commission of India (CCI) has approved the proposed acquisition of additional shares of API Holdings Limited by Naspers Ventures B.V.

The Naspers Ventures B.V. (Acquirer), is an indirect, wholly-owned subsidiary of Prosus N.V. (Prosus), which is in-turn, a direct subsidiary of Naspers Ltd. (Naspers). The Acquirer is an investment holding company and its principal activity is to make investments by providing direct and indirect equity and debt funding.

The API Holdings Limited (Target), is the ultimate parent entity of the API Holdings group. Either directly or through its subsidiaries/affiliate companies, the Target is engaged in various business activities in the healthcare sector in India. It is submitted that the predominant revenue of the Target is derived from wholesale (B2B) sale and distribution of drugs (including pharmaceutical products, medical devices and over-the-counter medication (OTC) products). The remaining revenue is derived from Provision of diagnostics services and other ancillary business activities such as developing a platform/tool which connects Registered Medical Practitioners (RMPs) and patients whereby the patients could consult with RMPs through the platform/tool and have teleconsultation and engaged in developing electronic medical records.

The Acquirer proposes to acquire additional shares of the Target by way of participation in the proposed rights issue, subject to the terms of the Term Sheet executed amongst the Parties. (Proposed Combination).

Detailed order of the CCI will follow.

Competition approval for acquisition of additional shares enables Naspers Ventures to participate in API Holdings' rights issue. CCI approved the proposed acquisition by Naspers Ventures B.V. of additional shares in API Holdings Limited by participating in a rights issue under the parties' Term Sheet. The Acquirer is an investment holding subsidiary of the Naspers/Prosus group; the Target is the parent of a healthcare group active in B2B wholesale distribution of pharmaceuticals, diagnostics services and ancillary digital health platforms. A detailed CCI order will follow.