API Holdings proposed acquisition of Medlife gets CCI nod

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A composite scheme of amalgamation filed by API Holdings was approved by the National Company Law Tribunal in June this year

The Competition Commission of India (CCI) on Wednesday approved the acquisition of 100 percent equity shares of Medlife International Private Limited (Medlife) by API Holdings Private Limited (API Holdings) and of up to 19.59 percent equity share capital of API Holdings by Medlife’s shareholders.

The proposed combination relates to the acquisition of 100 percent of equity shares of Medlife by API and as consideration, the acquisition of up to 19.59 percent of the equity share capital of API Holdings (on a fully diluted basis), by the Medlife Promoter Shareholders and other shareholders of Medlife, said the Ministry of Corporate Affairs.

Prashant Singh, Tushar Kumar and the Prasid Uno Family Trust (Trust) are collectively referred to as Medlife Promoter Shareholders.

API directly or through its subsidiaries carries out various business activities including wholesale sale and distribution of drugs, transportation and delivery services primarily focused on pharmaceutical sector, owning technology and intellectual property for developing e- commerce platforms and provision of manpower supply.

A composite scheme of amalgamation filed by API Holdings was approved by the National Company Law Tribunal (NCLT) in June this year.

Medlife is a Patna-based company and was valued at $375 million as of January 31 this year.

Image credit: SME Street

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