Combination Registration No. C-2026/05/1425, Big Banyan Holdings Pte. Ltd. (‘Big Banyan’) and Royal Challengers Sports Private Limited (‘RCSPL’)

Proposed Transaction

RCSPL owns and operates the Royal Challengers Bengaluru franchise in the Indian Premier League (‘IPL’) and the Women’s Premier League. Big Banyan is a wholly owned subsidiary of Aelius Investments Pte. Ltd. and forms part of the Aditya Birla group. It acquired RCSPL alongside Bolt IPL Holdings LLC, a newly incorporated Delaware company, Times Internet Limited (‘TIL’) and Times Cricket LLP, both subsidiaries of Bennett Coleman and Company Limited, ICQ Opportunities RC Holdco, Ltd. (‘ICONIQ’), and Asia Investment Topco II Pte. Ltd. (‘Blackstone’), which is owned by funds managed by affiliates of Blackstone Inc. Apart from TIL, none of the acquiring vehicles currently carries on business activities.

The CCI cleared the acquisition of 100% of RCSPL from United Spirits Limited. The notice was filed on May 18, 2026, and approved on June 30, 2026, and followed an amended and restated share purchase agreement and a consortium agreement, both dated May 11, 2026. The transaction is divided into the acquisition of RCSPL and the related investment transactions funding it. During the course of the review, and considering the structure of the transaction, the acquirers filed documentation for two financial investors funding the Big Banyan leg, Ten Pillars Sports Fund, LLC and Pags F.E. Sports Holdings LLC, and made them notifying parties.

CCI Findings

Horizontal Overlaps: The CCI examined the publication of digital content, where RCSPL’s output is largely confined to the franchise itself, and the licensing of the ‘RCB Bar & Café’ franchise and of the RCB trademark for merchandise, against Kumar Mangalam Birla (‘KMB’) family affiliates in fine dining and apparel. RCSPL licenses the franchise to an operator of bars and restaurants in Bengaluru and the trademark to a manufacturer of team kits and athleisure merchandise.

Vertical Overlaps: A sponsorship and advertising linkage arose because TIL sells advertising inventory and commits sponsorship revenue to the IPL while RCSPL sells sponsorship rights on jerseys and digital assets. Taking the share of IPL sponsorship revenue committed by TIL and KMB family affiliates as the narrowest plausible frame, the CCI found it insignificant. It also examined RCSPL’s procurement of content production and event management services, where the total spend on event management services was found insignificant.