The Competition Commission of India has approved the proposed combination involving Amundi Asset Management S.A.S. (Acquirer) and ICG Plc (Target).

The Proposed Combination involves, inter alia, acquisition by the Acquirer of 4.64% of the voting share capital of the Target through on-market purchase, along with a right to nominate a director to the board of the Target, and subsequent subscription by the Acquirer to non-voting instruments representing up to 5.26% of the Target’s capital.

The Acquirer is a French joint-stock asset management company, which offers its retail, institutional, and corporate clients a complete range of savings and investment solutions in active and passive management, across traditional and real assets.

The Acquirer does not have any direct presence in India. It is indirectly present through a minority joint venture, SBI Funds Management Limited, which is engaged in the provision of asset management services, including mutual fund products, international investor solutions, exchange-traded funds management services, portfolio management services, and operates alternative investment funds in India.

The Target is an alternative asset management company, and is engaged across five asset classes globally, i.e., (i) structured capital solutions to private companies, (ii) investments in private equity assets, (iii) real assets, (iv) private debt, and (v) investments in primary and secondary credit markets.

Detailed order of the Commission will follow.

Amundi ICG proposed combination approved: Acquirer to buy 4.64% voting shares, nominate a director and subscribe to non voting instruments. CCI approved Amundi's acquisition of 4.64% voting share capital of ICG via on-market purchases, a right to nominate a director, and subsequent subscription to non voting instruments up to 5.26% of ICG's capital. The Acquirer lacks direct Indian operations but is indirectly present through a minority joint venture that offers asset management services in India. The Target operates globally as an alternative asset manager across structured capital, private equity, real assets, private debt, and credit markets.