CCI approves acquisition of(i) certain share capital of WeWork India by Real Trustee; and (ii) Volrado IIIand other independent co-acquirers; and (ii) 100% share capital of OAW by Embassy Buildcon

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....CI approves acquisition of(i) certain share capital of WeWork India by Real Trustee; and (ii) Volrado IIIand other independent co-acquirers; and (ii) 100% share capital of OAW by Embassy Buildcon <br>News and Press Release<br>Dated:- 19-6-2024<br><BR>The Competition Commission of India (CCI) has approved the acquisition of (i) certain share capital of We Work India Management Private Limited (We W....

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....ork 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....

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.... 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 Emba....

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....ssy 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 Exc....

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....hange 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 registe....

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....red 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.<BR> News - Press release - PIB....