The Competition Commission of India (CCI) has approved the acquisition of (i) certain share capital of We Work India Management Private Limited (We Work India) by Real Trustee Advisory Company Private Limited (Real Trustee) (in its capacity as trustee for Volrado Venture Partners Fund II (Volrado II); and (ii) Volrado Venture Partners Fund III - Beta (Volrado III)) and other independent co-acquirers; and (ii) 100% share capital of 1 Ariel Way Tenant Limited (OAW) by Embassy Buildcon LLP (Embassy Buildcon)

The Proposed Combination involves two steps:

Step 1: Acquisition of certain share capital of We Work India, on a fully diluted basis by Real Trustee’s (in its capacity as trustee for Volrado II and Volrado III (collectively, referred to as ‘Volrado Ventures’), and other independent co-acquirers in their individual capacity from Embassy Buildcon; and

Step 2: Acquisition of 100% share capital of OAW, on a fully diluted basis, by Embassy Buildcon from We Work International Limited (We Work International), resulting in Embassy Buildcon indirectly holding share capital of We Work India through OAW and in aggregate continue to hold majority shareholding in We Work India, on a fully diluted basis. 

Real Trustee is the trustee of Volrado Ventures, which are alternative investment funds (AIFs) registered with the Securities and Exchange Board of India (SEBI). Specifically, Volrado II is a SEBI-registered Category I AIF and Volrado III is a SEBI-registered Category II AIF.

Embassy Buildcon, a limited liability partnership organized and registered in India, is engaged in the business of real estate development of residential and commercial assets and other related activities.

We Work India, a private limited company registered in India, is engaged in the operation of flexible workspaces and operation of digital real estate workplace solutions for companies.

OAW holds the shares of We Work India, on behalf of We Work International.

Detailed order of the CCI will follow.

Acquisition restructuring: Share transfers permit investor and sponsor reallocation in WeWork India ownership, with post-transaction governance adjustments. Approval of a two-step acquisition: Real Trustee (trustee for Volrado II and Volrado III) and co-acquirers will acquire certain share capital of We Work India on a fully diluted basis from Embassy Buildcon; subsequently Embassy Buildcon will acquire 100% of OAW from We Work International, resulting in Embassy Buildcon indirectly holding We Work India shares and in aggregate continuing to hold majority shareholding on a fully diluted basis.