On July 15, 2020, CCI approved the acquisition of up to 58.92% of the equity shareholding in HealthCare Global Enterprises Limited (‘HCG’) by Aceso Company Pte. Ltd. (‘Aceso’). ^[1]

Aceso, incorporated in Singapore, forms part of the CVC Network. It is indirectly owned by CVC Asia Fund V, which is controlled by its general partner CVC Capital Partners Asia V Limited, which in turn is ultimately controlled by CVC Capital Partners SICAV-FIS S.A. (‘CVC’).

There were no direct horizontal, vertical or complimentary overlaps between the parties. However, CCI observed that certain activities of portfolio companies of funds controlled by CVC, particularly: (i) Recordati SpA (‘Recordati’); (ii) Sebia S.A. (‘Sebia’); (iii) Alvogen Pharma India Pvt. Ltd. (‘Alvogen’); and (iv) Norwich Clinical Services Pvt. Ltd. (‘Norwich’), exhibited potential vertical or complementary relationships with HCG. Recordati (and its subsidiaries) was present in the upstream market of sale of medicinal products, while Sebia was present in the upstream market of distribution of in vitro diagnostic instruments and reagents. Additionally, Alvogen and Norwich were engaged in clinical trial services, which was complementary to HCG’s business. CCI observed that the market shares of the portfolio companies were miniscule in their respective segments and several players were present in each segment. Accordingly, CCI approved the combination.

[1] Combination Registration No. C-2020/06/749