Latest News | CCI Approves Proposed Deal Involving Eros Plc, STX, Marco
Get latest articles and stories on Latest News at LatestLY. The Competition Commission on Wednesday said it has approved the proposed deal involving Eros International Plc, STX Filmworks Inc and Marco Alliance Ltd.
New Delhi, Jul 8 (PTI) The Competition Commission on Wednesday said it has approved the proposed deal involving Eros International Plc, STX Filmworks Inc and Marco Alliance Ltd.
Listed on the New York Stock Exchange, Eros is an Indian entertainment company that acquires, co-produces, and distributes films. It also owns and operates the over-the-top platform 'Eros Now'.
STX is a global media company and has an indirect presence in India by way of licensing of certain films to Indian distributors. Marco is an investment holding company which is controlled by HonyCapital.
Under the two-step transaction, an indirectly wholly-owned subsidiary of Eros will merge into STX. Then, Hony Group, through Marco, will subscribe to certain shares of the merged entity. Marco is an existing investor in STX.
"With the completion of the transaction, it is expected that Eros, STX and Marco will directly or indirectly acquire an economic and voting interest along with certain other rights, in the combined entity," an official release said on Wednesday.
The proposed transaction has been cleared by the Competition Commission of India (CCI), which keeps a tab on unfair business practices in the market place.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)