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Nov 11, 2019

CCI Approves Blackstone’s Acquisition of 51% Stake in Aakash Educational Services

On September 6, 2019, the CCI approved the acquisition of 51% of the shareholding in Aakash Educational Services Limited (‘Aakash’) by Singapore VII Topco I Pte. Ltd. (‘Acquirer’).[1] The Acquirer is a special purpose vehicle incorporated under the laws of Singapore and is an affiliate of funds managed by the affiliates of The Blackstone Group (‘Blackstone’).

Blackstone does not have any portfolio companies engaged in business operations where Aakash is active in India. Aakash is a public limited company, engaged in providing test preparatory services for Class Eleven, Class Twelve, and post Class Twelve students, preparing for medical and engineering entrance exams. These services are provided through classroom based coaching, as well as digital distance learning.

The CCI noted the absence of horizontal and vertical overlaps between Blackstone and Aakash. In light of the same, CCI was of the opinion that the combination was not likely to have any AAEC and accordingly, approved the combination.

[1] Combination Registration No. C-2019/08/678.

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