CCI Approves Acquisition of Shares in YES Asset Management (India) Limited and YES Trustee Limited by GPL Finance and Investments

On May 7, 2021, CCI approved Imola Acquisition Corporation’s (‘Imola’) acquisition of 100% shareholding and sole control of Ingram Micro Inc., together with: (a) its parent companies, i.e., GCL Investment Management Inc. and GCL Investment Holdings Inc. and (ii) its direct and indirect subsidiaries (collectively referred to as ‘Ingram Micro’).[1]

Imola is a newly incorporated special purpose vehicle operating as an investment
holding company with no business operations currently. It is wholly owned by certain entities that are directly or indirectly managed and/or advised by Platinum Equity Advisors, LLC and ultimately controlled by Platinum Equity, LLC. Platinum Equity Group is a global firm, specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of businesses, including information technology, telecommunications, logistics, metal services, manufacturing and distribution.

Ingram Micro is a US headquartered company that specializes in technology distribution
and logistics, cloud solutions, and e-commerce supply chain services. It currently belongs to
HNA Tech, a company existing under the laws of the People’s Republic of China.
HNA Tech specializes in electronics/wholesale distribution. HNA Group Co., Ltd., which
is engaged in the businesses of aviation, real estate, financial services, tourism and
logistics, among others; indirectly holds a controlling interest in HNA Tech. In India,
Ingram Micro is engaged in the wholesale distribution of IT products, consumer
electronics, mobility products and related services.

CCI observed that the Platinum Equity Group had shareholding in Vertiv Energy Private Limited (‘Vertiv’), which is engaged the manufacture and supply of power management products, thermal management products, and infrastructure management and solutions and made sales through distribution channel of Ingram Micro in India. CCI noted that while this was an existing vertical relationship between Ingram Micro and Platinum Equity Group, it did not raise any competition concerns. Accordingly, CCI approved the proposed combination under Section 31(1) of the Act.

 

[1]  Combination Registration No. C-2021/03/820.

Published In:Inter Alia Special Edition - Competition Law - September 2021 [ English
Date: September 16, 2021