Latest News | CCI Clears Carlyle Group's Stake Purchase in Quest Global Services
Get latest articles and stories on Latest News at LatestLY. Fair trade regulator Competition Commission of India (CCI) on Thursday cleared Carlyle Group's acquisition of stake in Quest Global Services.
New Delhi, Oct 19 (PTI) Fair trade regulator Competition Commission of India (CCI) on Thursday cleared Carlyle Group's acquisition of stake in Quest Global Services.
Quest Global Services Pte provides engineering services for products and services across product lifecycle to its customers.
The deal relates to the acquisition of equity stake in Quest Global Services by CA Plume Investments, an affiliate of The Carlyle Group.
Further, the regulator approved the acquisition of additional equity stake in Quest Global Services by Bequest Inc and also gave its nod for the buy-back of equity shares by Quest.
The Carlyle Group is a US-based global alternative asset manager, while Bequest is a holding entity of Quest's co-founder and CEO Ajit Prabhu.
CCI said it has approved the deal under the green channel route.
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the competition watchdog.
"There are no horizontal overlaps, vertical overlaps or complementary businesses between the CA Plume Investments, Bequest and Quest Global Services in the country.
"Given that there are no horizontal overlaps, vertical relationships, or complementary businesses... the transaction does not raise any risk of an appreciable adverse effect on competition in the country and is being notified under the green channel route," CCI said.
In August, Carlyle and Quest Global announced they have reached a definitive partnership agreement, whereby Carlyle will be acquiring a minority stake in the company.
As part of the transaction, Quest Global will repurchase its equity shares and Ajit Prabhu, Chairman and CEO of Quest, will acquire an additional stake in the firm.
(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)