The Competition Commission of India has approved the proposed acquisition of certain CCPS B of API Holdings by 360 ONE and Claypond Capital.

360 ONE Large Value Fund – Series 13 (360 ONE LVF), which is a scheme of 360 ONE Private Equity Fund (Fund), acting through its investment manager, 360 ONE Alternates Asset Management Limited (AAML) (360 ONE LVF, Fund, and AAML are referred to as “360 ONE”). 360 ONE LVF is registered with the SEBI as a Category II AIF and is established for the purpose of investing in various sectors in India and worldwide. The Fund is managed by its investment manager, i.e., AAML. AAML provides investment management services to schemes of the Fund other Category I and Category II AIFs of the 360 ONE Group. It also undertakes co-investment portfolio management services

Claypond Capital Partners Private Limited (Claypond Capital) is a private limited company incorporated in India. Claypond Capital ultimately belongs to the Pai Family Group. It is engaged in the provision of consulting and advisory services to customers in India.

API Holdings Limited (API Holdings/Target) is a company incorporated in India. It is directly or indirectly engaged in various activities in the pharmaceutical and healthcare sectors in India.

The proposed transaction consists of the following steps: (a) 360 ONE proposes to acquire certain class B compulsorily convertible preference shares (CCPS B) of API Holdings from its existing shareholder, MEMG Family Office LLP (MEMG LLP) (Proposed 360 Transaction); and (b) Claypond Capital proposes to acquire certain CCPS B of API Holdings from its existing shareholder, MEMG LLP (Proposed Claypond Transaction) (Proposed 360 Transaction and Proposed Claypond Transaction are collectively referred to as the “Proposed Combination”).

Detailed order of the Commission will follow.

Merger control approval: acquisition of convertible preference shares by private equity and family office investors cleared by regulator. The Competition Commission approved the proposed acquisition of certain class B compulsorily convertible preference shares (CCPS B) of API Holdings by 360 ONE (through its Large Value Fund - Series 13, managed by AAML) and by Claypond Capital, with 360 ONE and Claypond each acquiring CCPS B from existing shareholder MEMG Family Office LLP; a detailed Commission order will follow.